LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court District of New Jersey, on behalf of persons and entities that acquired Edge Therapeutics, Inc. (“Edge Therapeutics” or the “Company”) (NASDAQ: EDGE) securities between December 29, 2017 and March 27, 2018, inclusive (the “Class Period”). Edge Therapeutics investors have until 60 days from the date of this notice to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit the Edge Therapeutics page on our website at www.glancylaw.com/case/edge-therapeutics-inc.
Investors that suffered losses on their Edge Therapeutics investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company’s lead product candidate EG-1962 would likely fail a futility analysis in connection with the NEWTON 2 study; and, (2) that, as a result of the foregoing, the Company’s financial statements and Defendants’ statements about Edge’s business, operations, and prospects, were materially false and misleading at all relevant times.
On March 28, 2018, Edge Therapeutics disclosed, “that a pre-specified interim analysis on data from the Day 90 visit of the first 210 subjects randomized and treated in the Phase 3 NEWTON 2 study of EG-1962 demonstrated a low probability of achieving a statistically-significant difference compared to the standard of care in the study's primary endpoint, if the study is fully enrolled.” As a result, the Data Monitoring Committee “recommended that the study be stopped based on its conclusion that the study has a low probability of meeting its primary endpoint.” Based on the DMC recommendation, Edge Therapeutics stated that it has decided to discontinue the Phase 3 NEWTON 2 study.
On this news, shares of Edge Therapeutics fell $14.28 per share, or nearly 92%, to close at $1.31 per share on March 28, 2018, thereby injuring investors.
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If you acquired shares of Edge Therapeutics during the Class Period you have 60 days from the date of this notice to file a lead plaintiff motion to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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