LOS ANGELES, July 14, 2020 (GLOBE NEWSWIRE) – Portnoy law firm advises investors that a class action suit has been filed on behalf of Verrica Pharmaceuticals Inc. ("Verrica" or "Company") (NASDAQ: VRCA) investors who acquired securities between September 16, 2019 and June 29, 2020.
Investors are asked to contact Lesley F. Portnoy at 310-692-8883 or email to determine eligibility to participate in the promotion, or to click here to join the case.
On June 29, 2020, Verrica informed investors that it had received correspondence from the U.S. Food and Drug Administration ("FDA") regarding the company's new drug application ("NDA") for VP-102 for the treatment of molluscum contagiosum. The letter identified certain shortcomings that preclude discussion of labeling and post-marketing requirements. In addition, according to the company, the information requests from the FDA included "a specific request related to a potential safety problem with the applicator that could arise if the instructions for use are not followed properly".
In the news, the company's stock price fell $ 3.06, or nearly 22%, and closed on June 30, 2020, with an unusually high trading volume at $ 11.01 per share.
The complaint lodged in this class action alleges that the defendants have made materially false and / or misleading statements throughout the entire class period and have not disclosed any material adverse facts about the business, operations, and prospects of the company. In particular, the defendants have not informed investors: (1) that the company's proprietary applicator for VP-102 poses certain security risks if the instructions are not followed properly; (2) that Verrica would consequently involve certain user functions in order to reduce the security risk; (3) that adding the user function would require additional tests for stability support data; (4) that the regulatory approval for VP-102 would be reasonably likely to be delayed due to the foregoing; and (5) that the defendant's positive statements regarding the business, operations, and prospects of the company as a result of the foregoing were materially misleading and / or had no reasonable basis.
Please visit our website for more information and to submit your transaction information.
The law firm Portnoy represents investors in the pursuit of claims against companies. The company's founding partner has raised over $ 5.5 billion for injured investors. Attorney advertising. Previous results do not guarantee similar results.
Lesley F. Portnoy, Esq.
Approved CA and NY bar