NEW YORK, April 25, 2018 /PRNewswire/ -- Bernstein Liebhard LLP announces that a class action lawsuit has been filed on behalf of purchasers of the securities of Edge Therapeutics, Inc. ("EDGE" or the "Company") (NASDAQ: EDGE) between December 29, 2017 and March 27, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover damages for Edge investors under the federal securities laws.
According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company's lead product candidate EG-1962 would likely fail a futility analysis in connection with the NEWTON 2 study; and (2) as a result, the Company's financial statements and Defendants' statements about Edge's business, operations, and prospects, were materially false and misleading at all relevant times.
On December 29, 2017, Edge announced that "an independent Data Monitoring Committee (DMC) recommended that the Phase 3 NEWTON 2 study of EG-1962 continue as planned based on the completion of a pre-planned futility analysis. The DMC made this recommendation after evaluating data from the Day 90 follow-up visit of the first 150 patients randomized and treated."
Then, on March 28, 2018, Edge announced "that a pre-specified interim analysis on data from the Day 90 visit of the first 210 subjects randomized and treated in the Phase 3 NEWTON 2 study of EG-1962 demonstrated a low probability of achieving a statistically-significant difference compared to the standard of care in the study's primary endpoint, if the study is fully enrolled." As a result, "[t]he independent Data Monitoring Committee (DMC) recommended that the study be stopped based on its conclusion that the study has a low probability of meeting its primary endpoint." Based on the DMC's recommendation, Edge stated that it will discontinue the Phase 3 NEWTON 2 study.
On this news, Edge's stock fell $14.28 per share, or nearly 92%, to close at $1.31 per share on March 28, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than June 22, 2018. 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.
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.
Please follow us for updates on LinkedIn: https://www.linkedin.com/company/bernstein-liebhard-llp/ and Twitter: https://twitter.com/bernlieb.
ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Bernstein Liebhard LLP