LOS ANGELES–(BUSINESS WIRE) – Frank R. Cruz's law firm announces that it is bringing a class action lawsuit to the United States District Court for the Eastern District of Pennsylvania entitled Potter against Verrica Pharmaceuticals Inc. et al. (Case No. 20) has filed -cv-03447) on behalf of individuals and entities between September 16, 2019 and June 29, 2020 (including) securities of Verrica Pharmaceuticals Inc. ("Verrica" or the "Company") (NASDAQ: VRCA) bought or otherwise acquired "school lesson"). The plaintiff pursues claims under sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the "Exchange Act").
Investors are hereby informed that they have 60 days from the date of this notice to instruct the court as the primary plaintiff in this lawsuit.
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On June 29, 2020, Verrica announced that it had received a letter from the US 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 incorrect and / or misleading statements throughout the 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.
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If you purchased Verrica securities during the class period, you can move the court no later than 60 days after the date of this notice to request that the court appoint you as the primary plaintiff. You do not need to take any action at this time to be a member of the class. You can keep a lawyer of your choice or take no action and remain an absent member of the class. If you have purchased Verrica securities, have information or would like to learn more about these claims, or have questions about this announcement or your rights or interests in relation to these matters, please contact Frank R. Cruz of Frank R.'s law firms. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067, 310-914-5007, email firstname.lastname@example.org or visit our website at www.frankcruzlaw.com. If you inquire by email, please provide your mailing address, telephone number and number of shares purchased.
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