INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Provention Bio, Inc. (PRVB) Investors
BENSALEM, Pa .– (BUSINESS WIRE) – Howard G. Smith law firms announce a class action lawsuit on behalf of investors who purchased Provention Bio, Inc. (“Provention” or the “Company”) (NASDAQ: PRVB) between November 2nd was submitted. 2020 and April 8, 2021 inclusive (the “Class Period”). Provention investors have until July 20, 2021 to file a motion from the lead plaintiff.
Investors suffering losses on their Provention investments are requested to contact the Howard G. Smith law firms to exercise their statutory rights in this class action at 888-638-4847 or email [email protected] to discuss.
In November 2020, Provention 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” from BLA ” ).
On April 8, 2021, the company released a press release “Announcement”[ing] that the company will receive a notification from the [FDA]and stated that as part of its ongoing review of the company [BLA] for teplizumab to delay or prevent clinical [T1D]The FDA has identified deficiencies that preclude discussion of the labeling and post-marketing requirements / obligations at this time. ”
In the 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 complaint filed alleges that during the entire classroom period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, operations and prospects of the company. In particular, defendants have failed to advise investors that: (1) the teplizumab BLA as filed was deficient and would require additional data in order to obtain FDA approval; (2) Accordingly, the teplizumab BLA lacked the proven support that the Company had led investors to believe it possessed. (3) The company had therefore overestimated the prospects for approval of teplizumab BLA and thus the timeline for the commercialization of teplizumab. and (4) as a result, Defendants’ statements about their business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times.
If you have purchased Provention Securities, have information or would like to learn more about these claims, or have any questions about this announcement or your rights or interests in relation 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 phone at (215) 638-4847, toll free at (888) 638-4847, or by email at [email protected], or visit our website at www.howardsmithlaw.com.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.