LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired BELLUS Health Inc. (“BELLUS” or the “Company”) (NASDAQ: BLU) securities between September 5, 2019 and July 5, 2020, inclusive (the “Class Period”). BELLUS investors have until May 17, 2021 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
BELLUS is a clinical-stage biopharmaceutical company whose lead product is BLU-5937, which is being developed for the treatment of chronic cough and other afferent hypersensitization-related disorders.
On July 6, 2020, before the market opened, BELLUS announced topline results from its Phase 2 RELIEF trial of BLU-5937 in patients with refractory chronic cough. According to the Company, the trial “did not achieve statistical significance for the primary endpoint of reduction in placebo-adjusted cough frequency at any dose tested.”
On this news, the Company’s stock price fell $9.05, or 75%, over two consecutive trading sessions to close at $2.97 on July 8, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the complaint alleges that Defendants knew, but failed to disclose, that while BLU-5937’s “high selectivity” contributed to the drug causing little to no taste alteration in chronic cough patients, that high selectivity also contributed to the drug potentially being less efficacious and thus likely not be able to meet the primary endpoint of the Company’s Phase 2 trial.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased BELLUS securities during the Class Period, you may move the Court no later than May 17, 2021 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 purchased BELLUS securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
