The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Fortress Biotech, Inc. (FBIO)
THE ANGEL–(BUSINESS WIRE) – Frank R. Cruz Law Firm is reminding investors of the upcoming January 26, 2021 deadline to file lead plaintiff motion in the case filed on behalf of investors Fortress Biotech, Inc. (“Fortress” or the “Company” (NASDAQ: FBIO) purchased securities between December 11, 2019 and October 9, 2020 inclusive (the “Class Period”).
If you are a shareholder who has suffered a loss, click here to participate.
Fortress develops and markets pharmaceutical and biotechnological products. In December 2019, the Company’s majority-controlled subsidiary, Avenue Therapeutics, Inc. (“Avenue”) filed a new drug filing (“NDA”) for its intravenous (“IV”) tramadol product with the US Food and Drug Administration (“FDA”) for the treatment of moderate to moderate pain in adults in a medically supervised health care setting.
On October 12, 2020, Avenue announced that it has received a full response letter (“CRL”) from the FDA regarding the NDA for its IV tramadol product. Specifically, the FDA Avenue announced that “it cannot approve the application in its current form” because “IV tramadol is not safe for the intended patient population for the treatment of acute pain patients who require an opioid.” In particular, the CRL stated: “[I]If the patient requires an analgesic between the first dose of IV tramadol and the onset of analgesia, a rescue analgesic is required. The likely choice would be another opioid, which would create “stacking” of opioids and increase the likelihood of opioid-related side effects. ”
In that news, Fortress stock price fell $ 1.00 per share, or 23.98%, to close at $ 3.17 per share on October 12, 2020, hurting investors.
The complaint filed alleges that throughout the class period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, business and prospects. In particular, Defendants have failed to advise investors that: (1) IV tramadol was not safe for the intended patient population; (2) As a result, it was foreseeable that the FDA would not approve the NDA for IV tramadol. and (3) as a result, Defendants’ statements about its business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times.
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If you purchased or otherwise acquired Fortress securities during the class period, you may request the court to appoint you in this alleged class action no later than January 26, 2021. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Frank R. Cruz of the Frank R. Cruz law firms, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067, 310-914-5007, email firstname.lastname@example.org or visit our website at www.frankcruzlaw.com. When inquiring by email, please include your postal address, telephone number and number of shares purchased.
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