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Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the District of New Jersey on behalf of purchasers of Aquestive Therapeutics, Inc. (NASDAQ: AQST) securities between December 2, 2019 and September 25, 2020, inclusive (the "Class Period"). The case is captioned Lewakowski v. Aquestive Therapeutics, Inc., No. 21-cv-03751, and is assigned to Judge Brian R. Martinotti. The Aquestive class action lawsuit charges Aquestive and certain of its executives with violations of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Aquestive securities during the Class Period to seek appointment as lead plaintiff in the Aquestive class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Aquestive class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Aquestive class action lawsuit. An investor’s ability to share in any potential future recovery of the Aquestive class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Aquestive class action lawsuit or have questions concerning your rights regarding the Aquestive class action lawsuit, please provide your information here or contact counsel, Jennifer Caringal of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Aquestive class action lawsuit must be filed with the court no later than April 30, 2021.
Aquestive is a pharmaceutical company that focuses on identifying, developing, and commercializing various products to address unmet medical needs. Aquestive’s most advanced proprietary product candidate is Libervant (diazepam), a buccal soluble film formulation of diazepam for the treatment of recurrent epileptic seizures. On December 2, 2019, Aquestive announced the completion of the rolling submission of a New Drug Application ("NDA") to the U.S. Food and Drug Administration ("FDA") for Libervant Buccal Film for the management of seizure clusters (the "Libervant NDA").
The Aquestive class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) data included in the Libervant NDA submission showed a lower drug exposure level than desired for certain weight groups; (ii) the foregoing significantly decreased the Libervant NDA’s approval prospects; (iii) as a result, it was foreseeable that the FDA would not approve the Libervant NDA in its current form; and (iv) as a result, Aquestive’s public statements were materially false and misleading at all relevant times.
On September 25, 2020, Aquestive announced receipt of a Complete Response Letter ("CRL") from the FDA indicating that the review cycle for the Libervant NDA was complete but the application could not be approved in its current form. Specifically, Aquestive advised investors that "[i]n the CRL, the FDA cited that, in a study submitted by the Company with the NDA, certain weight groups showed a lower drug exposure level than desired. The Company intends to provide to the FDA additional information on PK modeling to demonstrate that dose adjustments will obtain the desired exposure levels." On this news, Aquestive’s stock price fell nearly 35%, damaging investors.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.
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Robbins Geller Rudman & Dowd LLP
Jennifer Caringal, 800-449-4900