NEW YORK, Sept. 7, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Verrica Pharmaceuticals Inc. ("Verrica" or the "Company") (NASDAQ: VRCA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Verrica and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 29, 2020, Verrica announced that it received a letter from the U.S. Food and Drug Administration ("FDA") as part of the FDA's ongoing review of the Company's New Drug Application for VP-102 (cantharidin 0.7% topical solution), Verrica's lead product candidate for the treatment of molluscum contagiosum. According to the Company, the letter cited deficiencies that preclude discussion of labeling and post-marketing requirements/commitments at this time. While Verrica stated that the letter did not specify any particular items, it noted that the FDA's periodic requests for additional information pertained to chemistry, manufacturing, and control aspects of the drug-device combination. The Company also stated that its ability to address the requests had been "significantly impacted" by COVID-19 disruptions.
Following this announcement, Verrica's stock price fell $3.06 per share, or 21.75%, to close at $11.01 per share on June 30, 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