Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Fennec Pharmaceuticals Inc. (“Fennec” or the “Company”) (NASDAQ: FENC) between February 11, 2020 and August 10, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the Middle District of North Carolina alleges violations of the Securities Exchange Act of 1934.
If you purchased FENC securities, and/or would like to discuss your legal rights and options please visit Fennec Shareholder Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about Fennec’s business, operations, and prospects. Specifically, Defendants failed 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.
On August 11, 2020, before the market opened, Fennec disclosed that it had received a Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”) regarding the Company’s New Drug Application (“NDA”) for PEDMARK. According to 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.”
On this news, the Company’s share price fell $3.51, or 34%, to close at $6.66 per share on August 11, 2020, thereby injuring investors.
If you wish to serve as lead plaintiff, you must move the Court no later than November 2, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Fennec securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/fennecpharmaceuticalsinc-fenc-shareholder-class-action-lawsuit-stock-fraud-305/apply or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Matthew E. Guarnero
Bernstein Liebhard LLP