Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Aquestive Therapeutics, Inc. (AQST)
BENSALEM, Pa.--(BUSINESS WIRE)--$AQST #CLASSACTION--Law Offices of Howard G. Smith reminds investors of the upcoming April 30, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Aquestive Therapeutics, Inc. (“Aquestive” or the “Company”) (NASDAQ: AQST) securities between December 2, 2019 and September 25, 2020, inclusive (the “Class Period”).
Investors suffering losses on their Aquestive investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
Aquestive is a specialty pharmaceutical company. Its most advanced proprietary product candidate is Libervant, a buccal soluble film formulation of diazepam for the treatment of recurrent epileptic seizures.
On December 2, 2019, Aquestive announced the completion of the rolling submission of a New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) for Libervant Buccal Film for the management of seizure clusters.
On September 25, 2020, Aquestive announced receipt of a Complete Response Letter (“CRL”) from the FDA stating that the NDA would not be approved in its current form. According to the CRL, “in a study submitted by the Company with the NDA, certain weight groups showed a lower drug exposure level than desired.” The Company stated that it “intends to provide to the FDA additional information on PK modeling to demonstrate that dose adjustments will obtain the desired exposure levels.”
On this news, Aquestive’s stock price fell $2.64 per share, or approximately 35%, to close at $4.97 per share on September 28, 2020.
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, Defendants failed to disclose to investors that: (1) data included in the Libervant NDA submission showed a lower drug exposure level than desired for certain weight groups; (2) the foregoing significantly decreased the Libervant NDA's approval prospects; (3) as a result, it was foreseeable that the FDA would not approve the Libervant NDA in its current form; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Aquestive securities during the Class Period, you may move the Court no later than April 30, 2021 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.