SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Kadmon Holdings, Inc., of Class Action Lawsuit and Upcoming Deadline
NEW YORK, April 6, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against Kadmon Holdings, Inc. (“Kadmon” or the “Company”) (NASDAQ: KDMN) and some of its officers. The class action lawsuit filed in The United States District Court for the Eastern District of new Yorkand registered under 21-cv-01797, is on behalf of a class consisting of all persons and entities, other than Defendants, who have intermediately purchased or otherwise acquired Kadmon securities October 1, 2020 and March 10, 2021including both dates (the “Class Period”) to seek damages caused by Defendants’ violations of federal securities laws and to seek remedial action under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 ( the “Exchange Act”) and rule 10b-5 proclaims below against the company and some of its top officials.
If you are a shareholder who bought Kadmon securities during the class period, you have up June 2, 2021 ask the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, please contact Robert S. Willoughby at the [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 7980. Those who inquire by email are asked to provide their postal address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
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, 2020Post-market, Kadmon announced that it will file a new NDA for Belumosudil for the treatment of cGVHD (“Belumosudil NDA”) with the US Food and Drug Administration (“FDA”).
Then next November 30, 2020Kadmon announced that the FDA has accepted the NDA for Belumosudil and that the FDA has set a target for the NDA for the Prescription Drug User Fee Act (“PDUFA”) May 30, 2021.
The complaint alleges that throughout the classroom period, the defendants made materially false and misleading statements about the company’s business, operational and compliance policies. In particular, Defendants have made false and / or misleading statements and / or failed to disclose that: (i) Belumosudil’s 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.
On March 10, 2021, Kadmon issued a press release “announcement[ing] that the [FDA] has extended the review period “for the Belumosudil NDA and the”.[i]na notification received from FDA on March 9, 2021the company was informed that the [PDUFA] The target date for the priority test of Belumosudil has been extended to August 30th, 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. “
On 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 Pomerantz company with offices in new York, Chicago, The angel, and Paris is recognized as a leader in corporate, securities and antitrust litigation. Established by the late Abraham L. PomerantzPomerantz, known as the dean of class action, pioneered class action lawsuits. Today, more than 80 years later, the Pomerantz company continues its tradition of fighting for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has reclaimed numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP