BENSALEM, Pa., Oct. 28, 2020 /PRNewswire/ -- Law Offices of Howard G. Smith reminds investors of the upcoming November 2, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Fennec Pharmaceuticals Inc. ("Fennec" or the "Company") (NASDAQ: FENC) securities between February 11, 2020 and August 10, 2020, inclusive (the "Class Period").
Investors suffering losses on their Fennec investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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.
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 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.
If you purchased or otherwise acquired Fennec securities, you may move the Court no later than November 2, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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SOURCE Law Offices of Howard G. Smith