NEW YORK, Nov. 11, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Praxis Precision Medicines, Inc. ("Praxis" or the "Company") (NASDAQ: PRAX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Praxis certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 9, 2020, post-market, Praxis announced receipt of "a response from the U.S. Food and Drug Administration ("FDA") on the Investigational New Drug ("IND") submission for PRAX-114 for the treatment of major depressive disorder ('MDD')." Specifically, Praxis advised investors that "[a]t the end of the 30-day IND review period, the FDA notified the Company that the IND has been placed on full clinical hold. The FDA has not provided any reason for the clinical hold."
On this news, Praxis's stock price fell $7.79 per share, or 21.78%, to close at $27.98 per share on November 10, 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