Provention Bio, Inc.
Exchange: NASDAQ
Ticker: PRVB
Date of Filing: 05/21/2021
Court: New Jersey District Court
Filing Deadline

07/20/2021

Provention Bio, Inc.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the teplizumab BLA was deficient in its submitted form and would require additional data to secure FDA approval; (ii) accordingly, the teplizumab BLA lacked the evidentiary support the Company had led investors to believe it possessed; (iii) the Company had thus overstated the teplizumab BLA’s approval prospects and hence the commercialization timeline for teplizumab; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times. On April 8, 2021, Provention issued a press release “announc[ing] that the Company received a notification on April 2, 2021 from the [FDA], stating that, as part of its ongoing review of the Company’s [BLA] for teplizumab for the delay or prevention of clinical [T1D], the FDA has identified deficiencies that preclude discussion of labeling and post-marketing requirements/commitments at this time.” On this news, Provention’s stock price fell $1.73 per share, or 17.78%, to close at $8.00 per share on April 9, 2021.

Notes:

The alleged class includes : All persons and entities other than Defendants that purchased or otherwise acquired Provention securities between November 2, 2020 and April 8, 2021, both dates inclusive.

 


For More information  as well as to join this case please contact Atara Twersky, Esq. at [email protected].  Atara is Principal at Twersky Law Group and Of counsel at AF&T law firm where she is director of Investor Services.  Atara focuses her practice on assisting her clients with increasing their portfolio recoveries and ensuring that their portfolios remain healthy and robust.  For more information on shareholder recoveries click here and to listen to Atara’s podcast with notable guests in the Pension fund Industry listen to Pension Trends Plus, on all matters related to your investment portfolio and more. For more information on  Atara and her legal work connected to shareholder protection click here.

DOCUMENTS


COMPLAINT

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