The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Fennec Pharmaceuticals Inc. (“Fennec” or the “Company”) (NASDAQ: FENC) securities between May 28, 2021 and November 26, 2021, inclusive (the “Class Period”). Fennec investors have until April 11, 2022 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On November 29, 2021, before the market opened, Fennec issued a press release announcing that it expects to receive a Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”) regarding its resubmitted PEDMARK New Drug Application (“NDA”). Specifically, Fennec stated that the FDA had indicated that, “following a recent completion of a pre-approval inspection of the manufacturing facility of our drug product manufacturer, deficiencies have been identified.”
On this news, Fennec’s stock fell $4.86, or 50.4%, to close at $4.78 per share on November 29, 2021, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Fennec had not successfully remediated, and overstated its efforts to remediate, issues with the manufacturing facility of its drug product manufacturer for PEDMARK; (2) as a result, the FDA was unlikely to approve the Resubmitted PEDMARK NDA; (3) accordingly, the regulatory and commercial prospects of the Resubmitted PEDMARK NDA were overstated; and (4) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.
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If you purchased Fennec securities during the Class Period, you may move the Court no later than April 11, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Fennec securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220214005192/en/
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
