OAKLAND, Calif.--(BUSINESS WIRE)--Shares of Harmony Biosciences plummeted 27% on Tuesday, March 28, 2023, after Scorpion Capital published a report alleging that serious health risks, including sudden death, occurred during foreign drug trials of Harmony Bioscience’s drug, Wakix. The report further alleges that the company concealed information from the FDA that would have prevented Wakix’s 2019 approval. Gibbs Law Group is looking into a potential Harmony Biosciences Class Action Lawsuit on behalf of investors who lost money in Harmony Biosciences Holdings, Inc. (NASDAQ: HRMY).
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On Tuesday, March 28, 2023, Scorpion Capital released an investigative report claiming that pharmaceutical company Harmony Biosciences’ narcolepsy drug, Wakix, is a repeat of another similar drug that the FDA previously pulled from the market due to cardiac toxicity. The report details “12 sudden deaths in the foreign clinical trials, all in the drug arm, none in placebo" and alleges that the company provided “sham safety studies” that misled the FDA into approving the drug back in 2019. Scorpion Capital adds that it obtained “dozens of serious adverse event reports” from the FDA that “paint a devastating picture of the drug’s risk to even young, otherwise healthy patients,” and it is now planning to file a Citizen’s Petition with the FDA to request withdrawal of Wakix’s approval.
Following this news, Harmony Biosciences’ stock price dropped 27%, causing significant losses for investors.
What Should Harmony Biosciences Investors Do?
If you invested in Harmony Biosciences, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Harmony Biosciences has violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
This press release may constitute Attorney Advertising in some jurisdictions under the applicable law and ethical rules.