New York, New York--(Newsfile Corp. - December 4, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Abeona Therapeutics Inc. (NASDAQ: ABEO) ("Abeona" or the "Company") of the December 31, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Abeona stock or options between May 31, 2018 and September 23, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/ABEO. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Abeona securities between May 31, 2018 and September 23, 2019 (the "Class Period"). The case, Majumdar v. Abeona Therapeutics Inc. et al., No. 19-cv-10181 was filed on November 1, 2019, and has been assigned to Judge Andrew L. Carter, Jr.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Abeona's Chemical, Manufacturing and Controls ("CMC") and internal controls and procedures and/or compliance policies were inadequate; (2) the Company failed to provide sufficient data points on the transport stability of EB-101 to clinical sites, or such transport stability was insufficient; (3) it was foreseeable that the U.S. Food and Drug Administration ("FDA") would reject approval for the start of the VITAL Study until such issues were addressed; and (4) as a result, Abeona's public statements were materially false and misleading at all relevant times.
On September 23, 2019, Abeona issued a press release announcing receipt of a clinical hold letter from the FDA, "clarifying that the FDA will not provide approval for the Company to begin its planned Phase 3 clinical trial for EB-101 [a/k/a, the VITAL Study] until it submits to the FDA additional data points on transport stability of EB-101 to clinical sites" (the "September 2019 Press Release"). The September 2019 Press Release also disclosed that Abeona had been working with the FDA for at least a year to address issues with the Company's CMC.
On this news, Abeona's stock price fell from $3.26 per share on September 20, 2019 to a closing price of $2.87 per share on September 23, 2019-a $0.39 or 11.96% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Abeona's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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