NEW YORK, April 25, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Edge Therapeutics, Inc. ("Edge" or the "Company") (NASDAQ: EDGE) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Edge securities between December 29, 2017 and March 27, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/edge.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) that the Company's lead product candidate EG-1962 would likely fail a futility analysis in connection with the NEWTON 2 study; and, (2) that, as a result of the foregoing, Edge's financial statements and Defendants' statements about Edge's business, operations, and prospects, were materially false and misleading at all relevant times.
On March 28, 2018, Edge revealed, "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." The Data Monitoring Committee also "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 recommendation, Edge stated that it has decided to end the Phase 3 NEWTON 2 study. Following this news, Edge stock dropped $14.28 per share, or roughly 92%, to close at $1.31 per share on March 28, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/edge or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Edge you have until June 25, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.