FENC) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Fennec Pharmaceuticals Inc. (NASDAQ: FENC)
NEW YORK, Feb 11, 2022 /PRNewswire/ — Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Fennec Pharmaceuticals Inc. (“Fennec” or the “Company”) (NASDAQ: FENC) between May 28, 2021 other November 26, 2021, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Middle District of North Carolina and alleges violations of the Securities Exchange Act of 1934.
If you purchased Fennec securities, and/or would like to discuss your legal rights and options please visit Fennec Pharmaceuticals Inc. Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Fennec is a biopharmaceutical company that develops product candidates for use in the treatment of cancer in the United States. The Company’s lead product candidate is PEDMARK, a formulation of sodium thiosulfate, which has completed a Phase III clinical trial for the prevention of cisplatin-induced hearing loss, or ototoxicity, in children.
In December 2018Fennec initiated a rolling New Drug Application (NDA) with the US Food and Drug Administration (FDA) for PEDMARK for the prevention of ototoxicity induced by cisplatin chemotherapy in patients 1 month to < 18 years of age with localized, non-metastatic, solid tumors, which was completed in February 2020 (the Initial Pedmark NDA). In Aug 2020, Fennec announced that it had received a Complete Response Letter (CRL) from the FDA for the Initial Pedmark NDA because of deficiencies identified at the manufacturing facility of the Company’s drug product manufacturer. then, in May 2021the Company announced that it had resubmitted the NDA for PEDMARK with the FDA following receipt of final minutes from a Type A meeting with the FDA (the Resubmitted Pedmark NDA).
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Fennec had not successfully remediated, and overstated its efforts to remediate, issues with the manufacturing facility of its drug product manufacturer for PEDMARK; (ii) as a result, the FDA was unlikely to approve the Resubmitted Pedmark NDA; (iii) accordingly, the regulatory and commercial prospects of the Resubmitted Pedmark NDA were overstated; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 29, 2021during pre-market hours, Fennec issued a press release “announc[ing] that it expects to receive a [CRL] after the PDUFA [Prescription Drug User Fee Act] target action date of November 27, 2021 from the [FDA] regarding its [Resubmitted Pedmark NDA].”Specifically, Fennec advised investors that “[t]he FDA has indicated that, following a recent completion of a pre-approval inspection of the manufacturing facility of our drug product manufacturer, deficiencies have been identified[,] and that [o]nce the official CRL is received, the Company plans to request a Type A meeting to discuss the deficiencies and steps required for the resubmission of the NDA for PEDMARKTM.”
On this news, Fennec’s common share price fell $4.86 per share, or 50.41%, to close at $4.78 per share on November 29, 2021.
If ye wish to serve as lead plaintiff, ye must move the court no later than April 11, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased FENC securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/fennecpharmaceuticalsinc-fenc-shareholder-lawsuit-class-action-fraud-stock-482/ or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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