Christopher K. Ewing, et al. v. Veru Inc. Case

The defendant has requested the court to dismiss the case.

S.D. Florida

Court

1:22-cv-23960

Case number

03/01/2021

Class period Start

03/02/2023

Class period End

On November 9, 2022, the FDA Pulmonary-Allergy Drugs Advisory Committee voted against granting Veru’s EUA request for sabizabulin. One Committee member explained that there was “no direct evidence to support sabizabulin’s antiviral activity.” 

On this news, VERU's stock price dropped over 53%, wiping out over $640 million in market capitalization.

Going back on August 11, 2022, Veru filed its Quarterly Report  with the SEC, which stated that during the May 10, 2022, pre-EUA meeting, the FDA had “agreed that no additional efficacy studies were required to support a EUA application or a new drug application (NDA)” for sabizabulin, that “no additional safety data was required,” and that “the FDA agreed that the request for the EUA is supported by efficacy and safety data from our positive Phase 3 COVID-19 study . . . and no additional clinical trials are required to support an NDA submission.”

Taking all public representation into account, Veru's investors have grounds to suspect that one or more involved parties grossly breached their fiduciary duties to the Company's shareholders.

Case Status

Motion to dismiss

Alleged Offence

Misleading Statements,

Failure to Disclose,

Malpractice,

Negligence,

Omissions

Suspected Party

Directors,

Management,

Government Authority,

Service Provider

Security Type

Stocks

Trade Direction

Long

Shock Event Date

11/09/2022

Filing date

12/05/2022

Judge

Hon. Joan A. Lenard

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