NEW YORK, Oct. 14, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Fortress Biotech, Inc. ("Fortress Biotech" or the "Company") (NASDAQ: FBIO). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Fortress Biotech and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 12, 2020, Fortress Biotech's subsidiary Avenue Therapeutics, Inc. ("Avenue Therapeutics") disclosed receipt of a Complete Response Letter ("CRL") from the U.S. Food and Drug Administration ("FDA") regarding the Company's New Drug Application for its intravenous ("IV") tramadol product. Specifically, the FDA advised Avenue Therapeutics that "it cannot approve the application in its present form. The CRL stated that IV tramadol, intended to treat patients in acute pain who require an opioid, is not safe for the intended patient population. Specifically, if a patient requires an analgesic between the first dose of IV tramadol and the onset of analgesia, a rescue analgesic would be needed. The likely choice would be another opioid, which would result in opioid 'stacking' and increase the likelihood of opioid-related adverse effects."
On this news, Fortress Biotech's stock price fell $1.00 per share, or 23.98%, to close at $3.17 per share on October 12, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP