NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of investors that purchased LogicBio Therapeutics, Inc. (NASDAQ: LOGC) securities between December 3, 2018 and February 10, 2020 (the “Class Period”). Investors have until May 18, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On February 10, 2020, LogicBio issued a press release announcing, “that the U.S. Food and Drug Administration (FDA) has placed a clinical hold on [LogicBio’s] Investigational New Drug (IND) submission for LB-001 for the treatment of methylmalonic acidemia (MMA) pending the resolution of certain clinical and nonclinical questions.”
On this news, shares of LogicBio fell $3.34 per share, or almost 32%, to close at $7.11 per share on February 11, 2020.
The complaint, filed on March 18, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) LogicBio’s behind-schedule and rushed Investigational New Drug (“IND”) submission of LB-001 did not answer certain pertinent clinical and nonclinical questions; (2) as a result, the U.S. Food and Drug Administration was likely to hold or deny the IND submission of LB-001 for treatment of methylmalonic acidemia (MMA); and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased LogicBio securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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