NEW YORK, June 04, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT), Reata Pharmaceuticals, Inc. (NASDAQ: RETA), and Comerica Incorporated (NYSE: CMA). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT)
On August 2, 2022, before market hours, Phathom issued a press release entitled “Phathom Pharmaceuticals Reports Second Quarter 2022 Financial Results and Provides Business Updates” which announced that “we detected trace levels of a nitrosamine in vonoprazan drug product in our post-approval testing as we prepared for commercial launch.” Further, the press release announced that “[t]he Company is working with the FDA and plans to obtain approval of and implement an additional test method, specification, including a proposed acceptable intake limit, and additional controls to address this impurity prior to releasing our first vonoprazan-based products to the market.” Finally, the Company announced that “[t]hese additional activities will result in a delay of the planned VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK product launches.”
On this news, Phathom’s stock price fell $2.61 per share, or 28%, to close at $6.46 per share on August 2, 2022.
For more information on the Phathom investigation go to: https://bespc.com/cases/PHAT
Reata Pharmaceuticals, Inc. (NASDAQ: RETA)
On May 10, 2023, Reata issued a press release announcing its financial results for the first quarter of 2023. Among other items, Reata announced its decision to discontinue studies for its kidney disease candidate bardoxolone, which the Company had previously advanced as one of its lead assets in partnership with Blackstone Life Sciences and Kyoma Kirin.
On this news, Reata's stock price fell $14.99 per share or 14.23%, to close at $90.38 per share on May 10, 2023.
For more information on the Reata investigation go to: https://bespc.com/cases/RETA
Comerica Incorporated (NYSE: CMA)
On May 29, 2023, citing a review of "internal documents," American Banker reported that "Comerica Bank officials privately acknowledged significant compliance failures in their operation of a Treasury Department program that provides federal benefits on prepaid cards to millions of unbanked Americans[.]" American Banker stated that "[a] Comerica executive said the Dallas bank faced a 'serious contract violation' for allowing fraud disputes and data on Direct Express and cardholders to be handled out of a vendor's office in Lahore, Pakistan[.]"
On this news, Comerica's stock fell $1.40 per share, or 3.59% to close at $37.59 per share on May 30, 2023.
For more information on the Comerica investigation go to: https://bespc.com/cases/CMA
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.