KADMON ALERT: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Kadmon Holdings, Inc. and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces a class action lawsuit has been filed in the US District Court for the Eastern District of New York on behalf of investors who have purchased Kadmon Holdings, Inc. NASDAQ: KDMN) securities between October 1, 2020 and March 10, 2021 inclusive (the “Class Period”). Investors have until June 2, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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Kadmon is a biopharmaceutical company that discovers, develops, and commercializes small molecules and biologics primarily for the treatment of inflammatory and fibrotic diseases. The company’s lead product candidates include Belumosudil (KD025), an orally administered selective inhibitor of Rho-associated coiled-coil kinase 2 (“ROCK2”), which is in clinical phase II for the treatment of chronic transplants. versus host disease (“cGVHD”).
On September 30, 2020, post-market, Kadmon announced that it had filed a new drug submission (“NDA”) for belumosudil for the treatment of cGVHD (“Belumosudil NDA”) with the US Food and Drug Administration (“FDA”). .
Kadmon issued a press release on March 10, 2021[ing] that the [FDA] has extended the review period “for the Belumosudil NDA and the,”[i]Following a notification from the FDA dated March 9, 2021, the company was informed that the [PDUFA] The target date for the priority review of Belumosudil has been extended to August 30, 2021. “Kadmon advised investors that”[t]The FDA extended the PDUFA date to allow time to review additional information Kadmon submitted in response to a recent request for information from the FDA. “[t]The submission of the additional information was deemed a major change to the NDA by the FDA, resulting in a three-month extension of the PDUFA date. ”
In the news, Kadmon’s share price fell $ 0.52 per share, or 10.57%, to close at $ 4.40 per share on March 11, 2021.
The complaint, filed on April 2, 2021, alleges that throughout the class period, defendants made materially false and misleading statements about the company’s business, operational, and compliance policies. In particular, the Defendants made false and / or misleading statements and / or failed to disclose that: (i) the Belumosudil NDA was incomplete and / or defective; (ii) the additional new data that the Company submitted in support of the Belumosudil NDA in response to a request for information from the FDA changed the NDA submission significantly; (iii) Accordingly, Belumosudil’s initial NDA filing lacked the support the company had given investors to believe. (iv) Accordingly, it was likely that the FDA would extend the PDUFA Target Action Date to review the Belumosudil NDA. and (v) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
If you have purchased Kadmon securities during the class period and suffered a loss, are a long-term shareholder, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to these matters, please contact Brandon Walker, Melissa Fortunato or Marion Passmore by email at email@example.com, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC 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, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.