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Edge Therapeutics Inc (NASDAW: EDGE) Investor Securities Class Action Lawsuit 04/23/2018

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Lawsuit Overview

Case Dismissed
Company
Security
NASDAQ: EDGE

Case Name
Edge Therapeutics Shareholder Class Action Lawsuit 04/23/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

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

February 19, 2019 - The case was voluntarily dismissed.
April 23, 2018 - An investor in shares of Edge Therapeutics Inc (NASDAW: EDGE) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Edge Therapeutics Inc in connection with certain allegedly false and misleading statements made between December 29, 2017 and March 27, 2018.

Berkeley Heights, NJ based Edge Therapeutics Inc, a clinical-stage biotechnology company, discovers, develops, and seeks to commercialize hospital-based therapies for acute life-threatening neurological and other conditions. Shares of Edge Therapeutics Inc (NASDAW: EDGE) reached as high as $16.20 per share in February 2018.

On March 28, 2018, Edge Therapeutics Inc disclosed, that a pre-specified interim analysis on data from the Day 90 visit of the first 210 subjects randomized and treated in the Phase 3 NEWTON 2 study of EG-1962 demonstrated a low probability of achieving a statistically-significant difference compared to the standard of care in the study's primary endpoint, if the study is fully enrolled. As a result, the Data Monitoring Committee recommended that the study be stopped based on its conclusion that the study has a low probability of meeting its primary endpoint. Based on the DMC recommendation, Edge Therapeutics Inc stated that it has decided to discontinue the Phase 3 NEWTON 2 study.

Shares of Edge Therapeutics Inc (NASDAW: EDGE) declined on April 3, 2018 to as low as $0.95 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of Edge Therapeutics Inc (NASDAW: EDGE) common shares between December 29, 2017 and March 27, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 29, 2017 and March 27, 2018, the defendants failed to disclose that the Company’s lead product candidate EG-1962 would likely fail a futility analysis in connection with the NEWTON 2 study, and that, as a result of the foregoing, the Company’s financial statements and defendants’ statements about Edge’s business, operations, and prospects, were materially false and misleading at all relevant times.