World News: 22:15 GMT Tuesday 28th May 2019. [Faruqi & Faruqi LLP via Globe Newswire via SPi World News]
NEW YORK, May 28, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Nabriva Therapeutics plc (“Nabriva” or the “Company”) (NASDAQ:NBRV) of the July 8, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Nabriva securities between November 1, 2018 and April 30, 2019 (the “Class Period”). The case, No. 19-cv-04183 was filed on May 8, 2019, and has been assigned to Judge Victor Marrero.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that the Company’s manufacturers failed to meet good manufacturing practices; (2) that these manufacturers would be subject to inspections by the FDA in connection with the Company’s NDA; (3) that, as a result of the manufacturing deficiencies, the Company’s NDA for CONTEPO was unlikely to be approved by the FDA; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On April 30, 2019, the Company revealed that it had received a Complete Response Letter ("CRL") from the U.S. Food and Drug Administration ("FDA") for its New Drug Application ("NDA") for CONTEPO™ (fosfomycin) for injection for the treatment of complicated urinary tract infections. According to the CRL, the Company had to address certain "issues related to facility inspections and manufacturing deficiencies at one of Nabriva's contract manufacturers" before the FDA would approve the NDA.
On this news, the Company's stock price fell from $2.99 per share on April 30, 2019 to $2.17 per share on May 1, 2019—a $0.82 or 27.42% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Nabriva’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Globe Newswire: 22:15 GMT Tuesday 28th May 2019
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