NEW YORK--(BUSINESS WIRE)--A class action lawsuit has been filed in the United States District Court for the District of New Jersey against Edge Therapeutics, Inc. (NASDAQ:EDGE) (“Edge” or the “Company”) and certain of its officers, on behalf of investors who acquired Edge securities during the period from December 29, 2017 through March 27, 2018 (the “Class Period”). The lawsuit seeks to recover damages under the federal securities laws. Pursuant to applicable law, investors have until June 22, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
According to the complaint, defendants failed to disclose that Edge’s lead product candidate would likely fail futility analysis. On March 28, 2018, Edge revealed that “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.” Based on the recommendation of an independent Data Monitoring Committee, the Company discontinued the Phase 3 NEWTON 2 study.
On this news, shares of Edge declined from $15.59 to close at $1.31.
If you acquired Edge securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com
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