NEW YORK, May 27, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Spero Therapeutics, Inc. (“Spero” or the “Company”) (NASDAQ: SPRO). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Spero and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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In November 2017, Spero conducted its initial public offering (“IPO”), selling 5,500,000 shares of common stock priced at $14.00 per share. Then, on May 8, 2020, Spero issued a press release announcing the Company’s financial and operating results for the first quarter of 2020. Among other results, Spero reported $1.7 million in total revenue for the quarter, compared with revenues of $7.7 million for the same period in the prior year, and $20.4 million in research and development (“R&D”) expenses, compared with $9.5 million in R&D expenses for the same period in the prior year. Spero attributed the revenue decrease “to lower funding for tebipenem HBr received under Spero’s BARDA contract due to the timing of qualified tebipenem HBr expenses incurred in the quarter, and lower collaboration revenue as the first quarter of 2019 included a $3 million upfront fee associated with Spero’s License Agreement with Everest Medicines entered into during January 2019.” With respect to the increase in R&D expenses, Spero cited “greater spending on the tebipenem HBr program”.
On this news, Spero’s stock price fell $0.40 per share, or 3.28%, to close at $11.78 per share on May 8, 2020.
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.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
