NEW YORK, June 26, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Nabriva Therapeutics plc (“Nabriva” or the “Company”) (NASDAQ: NBRV) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and indexed under 19-cv-04713, is on behalf of a class consisting of all persons and entities who purchased or otherwise acquired Nabriva securities between November 1, 2018 and April 30, 2019, inclusive (the “Class Period”). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Nabriva securities during the class period, you have until July 8, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Nabriva is a biopharmaceutical company that purports to develop novel anti-infective agents to treat serious infections. One of the Company’s product candidates is CONTEPO, an epoxide antibiotic developed by Zavante Therapeutics (“Zavante”), which the Company acquired in July 2018.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s manufacturers failed to meet good manufacturing practices; (ii) these manufacturers would be subject to inspections by the FDA in connection with the Company’s NDA; (iii) as a result of the manufacturing deficiencies, the Company’s NDA for CONTEPO was unlikely to be approved by the FDA; and (iv) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On April 30, 2019, the Company revealed that the U.S. Food and Drug Administration (“FDA”) would not approve its New Drug Application (“NDA”) for CONTEPO due to “issues related to facility inspections and manufacturing deficiencies at one of Nabriva’s contract manufacturers.”
On this news, the Company’s share price fell $0.82 per share, or over 27%, to close at $2.17 per share on May 1, 2019, on unusually high trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby