NEW YORK, May 09, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Corbus Pharmaceuticals Holdings, Inc. (“Corbus” or the “Company”) (NASDAQ: CRBP) and certain of its officers. The class action, filed in United States District Court, District of Massachusetts, and indexed under 19-cv-10600, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired securities of Corbus between November 14, 2016 and February 28, 2019, both dates inclusive (the “Class Period”). This action is brought on behalf of the Class for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. §§ 78j(b) and 78t(a) and Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. § 240.10b-5.
If you are a shareholder who purchased Corbus securities during the class period, you have until May 13, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Corbus purports to be a Phase 3 clinical-stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat inflammatory and fibrotic diseases.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Corbus made false and/or misleading statements and/or failed to disclose that Corbus’s drug candidate, Lenabasum, had “failed its major trials in [systemic sclerosis] and [cystic fibrosis]”; and (ii) as a result of the foregoing, Defendants’ positive statements about Corbus’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On February 28, 2019, an article entitled “Corbus Has Ties to Suspect Investors And A History of Failed Clinical Trials for Lenabasum” was published on the website Seeking Alpha. The article expressed the belief that lenabasum, Corbus’s lead product candidate, “has failed every trial,” “has a history of negative clinical data,” and “is likely to fail in the company’s pivotal trial in Scleroderma and Systemic Sclerosis (SSc) and Phase 2b trial in cystic fibrosis.” The article further alleged “ties between Corbus . . . and a group of suspect investors that were involved during the company’s IPO.”
Following the article’s publication, Corbus’s stock price fell $1.32 per share, or 15.98%, to close at $6.94 per share on February 28, 2019.
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
Robert S. Willoughby