Sep 23, 2021, 03:00 ET
NEW YORK, Sept. 23, 2021 /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.
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On June 29, 2020, Verrica announced receipt of 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 ("NDA") 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 precluded discussion of labeling and post-marketing requirements/commitments at that time.
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.
Then, on July 14, 2020, Verrica announced receipt of a Complete Response Letter ("CRL") from the FDA regarding the NDA for VP-102, advising Verrica that "the FDA is seeking additional information regarding certain aspects of the CMC (Chemistry, Manufacturing, and Controls) process for the drug/device combination, as well as Human Factors validation."
Following Verrica's disclosure of the CRL, the Company's stock price fell $0.33 per share, or 3.75%, to close at $8.47 per share on July 14, 2020.
Then, on September 20, 2021, Verrica issued a press release announcing receipt of a CRL from the FDA regarding its NDA for VP-102. The press release stated that "[a]ccording to the CRL, "the FDA has identified deficiencies at a facility of a contract manufacturing organization (CMO), which are not specifically related to the manufacturing of VP-102 but instead raise general quality issues at the facility."
On this news, Verrica's stock price fell $1.00 per share, or 8.3%, to close at $11.03 per share on September 21, 2021.
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
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