New York, New York--(Newsfile Corp. - February 10, 2023) - Pomerantz LLP is investigating claims on behalf of investors of Phathom Pharmaceuticals, Inc.("Phathom" or the "Company") (NASDAQ: PHAT). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Phathom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 3, 2022, Phathom issued a press release "announc[ing] that the U.S. Food and Drug Administration (FDA) has notified the Company that no action will be taken on the Company's new drug application (NDA) for vonoprazan, a novel potassium-competitive acid blocker (PCAB), under review as a treatment for erosive esophagitis, on or prior to the current Prescription Drug User Fee Act (PDUFA) target action date of January 11, 2023." The FDA's decision came after Phathom's announcement, on August 2, 2022, "that it had detected trace levels of a nitrosamine impurity, N-nitroso-vonoprazan (NVP) in commercial batches and was working closely with the FDA to obtain approval of a proposed acceptable daily intake limit, test method, and controls to address this impurity prior to releasing vonoprazan-based products to the market." Phathom further stated that "the FDA has requested additional stability data demonstrating that levels of NVP remain below [the acceptable daily intake] limit throughout the proposed shelf life of the product."
On this news, Phathom's stock price fell $3.73 per share, or 31.11%, to close at $8.26 per share on January 4, 2023.
Then, on February 9, 2023, Phathom disclosed receipt of correspondence from the FDA formally requesting additional stability data from the Company's vonoprazan products.
On this news, Phathom's stock price fell $3.43 per share, or 29.67% percent, to close at $8.13 per share on February 10, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154475
