Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Veru Inc. (NASDAQ: VERU) common stock between May 11, 2022 and November 9, 2022, both dates inclusive (the “Class Period”) have until February 6, 2023 to seek appointment as lead plaintiff in the Veru class action lawsuit. Captioned Ewing v. Veru Inc., No. 22-cv-23960 (S.D. Fla.), the Veru class action lawsuit charges Veru and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Veru class action lawsuit, please provide your information here:
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CASE ALLEGATIONS: Veru is primarily an oncology-based biopharmaceutical company that develops drugs for the management of breast and prostate cancers. Veru “opportunistically” developed sabizabulin (VERU-111), an orally administered “microtubule disruptor” for the treatment of COVID-19 in hospitalized patients at high risk for acute respiratory distress syndrome.
The Veru class action lawsuit alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose material adverse facts about the data from the sabizabulin Phase 3 trial and Veru’s interactions with the U.S. Food & Drug Administration (“FDA”). Specifically, Veru misled shareholders to believe the data from the Phase 3 trial was sufficient to support Emergency Use Authorization (“EUA”) and the submission of a New Drug Application without any further studies. Veru’s filings therefore concealed the true risks faced by Veru in gaining approval for its EUA request.
On November 9, 2022, the FDA’s Pulmonary-Allergy Drugs Advisory Committee (“AdCom”) voted against granting Veru’s EUA request by an 8-5 margin. One AdCom member who voted against EUA approval explained that there was “no direct evidence to support [sabizabulin’s] antiviral activity.” On this news, Veru’s stock price fell approximately 54%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Veru common stock during the Class Period to seek appointment as lead plaintiff in the Veru class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Veru class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Veru class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Veru class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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