Shareholder Alert: Robbins LLP Announces Abeona Therapeutics Inc. (ABEO) Sued for Misleading Shareholders
November 06 2019 - 12:53PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Abeona Therapeutics Inc. (NASDAQ: ABEO) filed a class
action complaint for alleged violations of the Securities Exchange
Act of 1934 between May 31, 2018 and September 23, 2019. Abeona
Therapeutics is a clinical-stage biopharmaceutical company that
develops cell and gene therapies for life-threatening rare genetic
diseases. Its lead programs include EB-101 for the treatment of
recessive dystrophic epidermolysis bullosa ("RDEB").
If you suffered a loss as a result of Abeona Therapeutics'
misconduct, click here.
Abeona Therapeutics Inc. (ABEO) Receives Clinical Hold Letter
from FDA
According to the complaint, in May 2018, Abeona announced the
opening of a commercial Good Manufacturing Practice ("GMP") gene
and cell therapy manufacturing facility in Ohio, touting its
capacity to manufacture EB-101 and its ability to "satisfy the
necessary chemistry, manufacturing, and controls (CMC) requirements
for commercial development." Following this opening, in March 2019,
Abeona reported in its Form 10-K that "[t]he Company expect[ed] to
initiate [the VITAL Study]… in the middle of 2019" and highlighted
Abeona's investments in its manufacturing processes. In May 2019,
Abeona continued to tout the progress of the VITAL study evaluating
EB-101 and the completion of its CMC work, reaffirming that the
study was on track to start in mid-2019. Despite these assurances,
on September 23, 2019, Abeona announced its receipt of a clinical
hold letter from the FDA, revealing that it would not allow Phase 3
of the VITAL Study without the submission of additional data and
the remediation of the Company's CMC issues. Since this news,
Abeona's stock price has fallen almost 19% and currently trades at
around $2.65.
Abeona Therapeutics Inc. (ABEO) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20191106005810/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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