NEW YORK - (NewMediaWire) - September 11, 2020 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Fennec Pharmaceuticals Inc. (“Fennec” or the “Company”) (NASDAQ:FENC) of the November 2, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Fennec stock or options between February 11, 2020 and August 10, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/FENC. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Middle District of North Carolina on behalf of all those who purchased Fennec securities between February 11, 2020 and August 10, 2020 (the “Class Period”). The case, Jim Chapman v. Fennec Pharmaceuticals Inc. et al, No. 20-cv-00812 was filed on September 3, 2020.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose to investors: (1) that the manufacturing facilities for PEDMARK, the Company’s sole product candidate, did not comply with current good manufacturing practices; (2) that, as a result, regulatory approval for PEDMARK was reasonably likely to be delayed; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Specifically, on August 11, 2020, before the market opened, Fennec disclosed in a press release that it had received a Complete Response Letter (“CRL”) from the FDA regarding the Company’s New Drug Application (“NDA”) for PEDMARK. According to the Company’s press release detailing the CRL, after recent completion of a pre-approval inspection of the manufacturing facility of Fennec’s drug product manufacturer, the FDA identified deficiencies resulting in a Form 483, which is a list of conditions or practices that are required to be resolved prior to the approval of PEDMARK™. The Company plans to request a Type A meeting to discuss the issues and other matters that were described in the CRL pertaining to the steps required for the resubmission of the NDA for PEDMARK™. Importantly, no clinical safety or efficacy issues were identified during the review and there is no requirement for further clinical data.
On this news, Fennec’s stock fell from a closing price of $10.17 per share on August 10, 2020 to $6.66 per share on August 11, 2020—a $3.51 or 34.51% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Fennec’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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