PR Newswire
BENSALEM, Pa.
,
Dec. 18, 2020
/PRNewswire/ — Law Offices of
Howard G. Smith
reminds investors of the upcoming
January 26, 2021
deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Fortress Biotech, Inc. (“Fortress” or the “Company”) (NASDAQ:
FBIO
) securities between
December 11, 2019
and
October 9, 2020
inclusive (the “Class Period”).
Investors suffering losses on their Fortress investments are encouraged to contact the Law Offices of
Howard G. Smith
to discuss their legal rights in this class action at 888-638-4847 or by email to
[email protected]
.
Fortress develops and commercializes pharmaceutical and biotechnology products. In
December 2019
, the Company’s majority-controlled subsidiary, Avenue Therapeutics, Inc. (“Avenue”), submitted a New Drug Application (“NDA”) for its intravenous (“IV”) Tramadol product to the U.S. Food and Drug Administration (“FDA”) for the management of moderate to moderately severe pain in adults in a medically supervised health care setting.
On
October 12, 2020
, Avenue disclosed receipt of a Complete Response Letter (“CRL”) from the FDA regarding the NDA for its IV Tramadol product. Specifically, the FDA advised Avenue that “it cannot approve the application in its present form” because “IV tramadol, intended to treat patients in acute pain who require an opioid, is not safe for the intended patient population.” Specifically, the CRL stated: “[I]f 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’s stock price fell
$1.00
per share, or 23.98%, to close at
$3.17
per share on
October 12, 2020
, thereby injuring investors.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) IV Tramadol was not safe for the intended patient population; (2) as a result, it was foreseeable that the FDA would not approve the NDA for IV Tramadol; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Fortress securities during the Class Period, you may move the Court no later than
January 26, 2021
to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact
Howard G. Smith, Esquire
, of Law Offices of
Howard G. Smith
, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania
19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to
[email protected]
, or visit our website at
www.howardsmithlaw.com
.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts:
Law Offices of
Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
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SOURCE Law Offices of
Howard G. Smith
