NEW YORK, Nov. 15, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Abeona Therapeutics Inc. (“Abeona” or “the Company”) (NASDAQ: ABEO) and certain of its officers, on behalf of shareholders who purchased Sealed Air securities between May 31, 2018 and September 23, 2019, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/abeo.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The Complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Abeona’s Chemical, Manufacturing and Controls (“CMC”) and internal controls and procedures and/or compliance policies were inadequate; (2) as a result, the Company failed to provide sufficient data points on the transport stability of EB-101 to clinical sites, or else such transport stability was insufficient; (3) consequently, 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, the Company’s public statements were materially false and misleading at all relevant times.
On September 23, 2019, Abeona announced receipt of a clinical hold letter from the U.S. Food and Drug Administration (“FDA”), “clarifying that the FDA will not provide approval for the Company to begin its planned Phase 3 clinical trial for EB-101 until it submits to the FDA additional data points on transport stability of EB-101 to clinical sites.” On this news, Abeona’s stock price fell $0.39 per share, or 11.96%, to close at $2.87 per share on September 23, 2019.
If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/abeo or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Abeona you have until January 2, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org