Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Provention Bio, Inc. (PRVB)
THE ANGEL–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”) is reminding investors of the upcoming July 20, 2021 deadline to file a lead plaintiff in the class action on behalf of investors who have bought or otherwise acquired Provention Bio, Inc. (” Provenance “or the” Company “) (NASDAQ: PRVB) securities between November 2, 2020 and April 8, 2021 inclusive (the” Class Period “).
If you have suffered a loss on your investment in Protection or would like to inquire about a possible recovery of your loss under US securities laws, you can find your contact information at https://www.glancylaw.com/cases/provention-bio. submit -inc /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or email [email protected] to learn more about your rights.
In November 2020, Protection completed the ongoing filing of a Biologics License Application (“BLA”) with the US Food and Drug Administration (“FDA”) for teplizumab to delay or prevent clinical T1D in individuals at risk (the “Teplizumab BLA”).
On April 8, 2021, the company released an “announce” press release[ing] that the company will notify the company on April 2, 2021 [FDA]which states that under the ongoing review of the company [BLA] for teplizumab to delay or prevent clinical [T1D], the FDA has identified deficiencies that currently preclude discussion of the post-market requirements / obligations. ”
Based on this news, Provention’s share price fell $ 1.73 per share, or 17.78%, to close at $ 8.00 per share on April 9, 2021.
The lawsuit filed alleges that, during the class action period, defendants made materially false and / or misleading statements and failed to disclose material adverse facts about the company’s business, operations and prospects. In particular, defendants have failed to disclose to investors that: (1) the teplizumab BLA as filed was deficient and additional data would be needed to obtain FDA approval; (2) accordingly, the teplizumab BLA lacked the preservation of evidence that the company had given investors credit for; (3) the company had thus overstated the prospects for approval of teplizumab BLA and thus the timeline for commercializing teplizumab; and (4) as a result, Defendants’ statements about its business, operations and prospects were materially false and misleading and / or were inadequate at all relevant times.
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If you have purchased or otherwise acquired any securities of provenance during the class action period, no later than July 20, 2021, you may petition the court to seek appointment as the lead plaintiff in this alleged class action. To become a member of the class action, you do not need to take any action at this point; You can hire a lawyer of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action, or if you have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email [email protected], or visit our website at www.glancylaw.com. For inquiries by e-mail, please include your postal address, telephone number and the number of shares purchased.
This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.