SAN DIEGO & BERKELEY HEIGHTS, N.J.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Edge Therapeutics, Inc. (NasdaqGS: EDGE) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between December 29, 2017 and March 27, 2018. Edge, a clinical-stage biotechnology company, develops and commercializes hospital-based therapies for acute life-threatening neurological and other conditions. The company's lead product candidate is known as EG-1962.
View this information on the law firm's Shareholder Rights Blog:
Edge Accused of Misleading Investors About Its Lead Product Candidate
According to the complaint, Edge emphasized encouraging results from its Phase 3 NEWTON 2 futility analysis of EG-1962 and expected top-line results from the NEWTON 2 study in late 2018. Despite representing to investors that Edge was operationally and financially well-positioned to advance EG-1962 through key clinical milestones, including the company's Phase 3 NEWTON 2 study, its drug did not perform as well as anticipated. On March 28, 2018, Edge revealed that it was stopping its NEWTON 2 study of EG-1962 because it had only a small chance of meeting its primary endpoint. On this news, Edge's stock price fell $14.28 per share, or over 91%, to close at $1.31 per share on March 28, 2018, and continues to decline.
Edge Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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