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Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) Investor Securities Class Action Lawsuit 03/12/2019

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Lawsuit Overview

Case Dismissed
Company
Corbus Pharmaceuticals Holdings Inc
Security
NASDAQ: CRBP

Case Name
Corbus Pharmaceuticals Shareholder Class Action Lawsuit 03/12/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

August 2, 2019 - The case was voluntarily dismissed.

March 12, 2019 - An investor in shares of Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Corbus Pharmaceuticals Holdings in connection with certain allegedly false and misleading statements made between November 14, 2016 and February 28, 2019.

Norwood, MA based Corbus Pharmaceuticals Holdings, Inc., a clinical-stage pharmaceutical company, focuses on the development and commercialization of various therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. Corbus Pharmaceuticals Holdings Inc reported that its annual Total Revenue rose from over $1.91 million in 2016 to over $2.44 million in 2017.

On March 30, 2017 Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) announced positive topline data from its Phase 2 study evaluating multiple doses of anabasum (fka JBT-101 or Resunab) compared to placebo for the treatment of patients with cystic fibrosis ( CF ).

On February 28, 2019, an article was published entitled, “Corbus Has Ties to Suspect Investors And A History Of Failed Clinical Trials for Lenabasum.” The article alleges that Corbus Pharmaceuticals Holdings Inc “has ties to investors convicted of or alleged to have committed securities fraud” and that its drug candidate, lenabasum, is believed to have “failed its major trials in [systemic sclerosis] and [cystic fibrosis].” Shares of Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) declined from $8.50 per share in January 2019 to as low as $5.62 per share on March 8, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) common shares between November 14, 2016 and February 28, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 14, 2016 and February 28, 2019, the Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about its drug candidate Lenabasum.