The Law Offices of Frank R. Cruz reminds investors of the upcoming February 6, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Veru Inc. (“Veru” or the “Company”) (NASDAQ: VERU) common stock between May 11, 2022 and November 9, 2022, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On November 9, 2022, the Pulmonary-Allergy Drugs Advisory Committee of the FDA voted against Veru’s Emergency Use Authorization (“EUA”) for its COVID-19 treatment, sabizabulin, explaining that there was “no direct evidence to support [sabizabulin’s] antiviral activity.”
On this news, Veru’s stock price fell $8.04, or 53.6%, to close at $6.97 per share on November 10, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants: (1) misled its shareholders to believe that the data from the Phase 3 trial was sufficient to support EUA and even the submission of a New Drug Application without any further studies; (2) concealed the true risks faced by the Company in gaining approval for its EUA request; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Veru common stock during the Class Period, you may move the Court no later than February 6, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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