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Verrica Pharmaceuticals Inc. (NASDAQ: VRCA) Investor Securities Class Action Lawsuit 07/14/2020

  • If you purchased shares of Verrica Pharmaceuticals Inc. (NASDAQ: VRCA), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Verrica Pharmaceuticals Inc.
Security
NASDAQ: VRCA

Case Name
Verrica Pharmaceuticals Shareholder Class Action Lawsuit 07/14/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Pennsylvania

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Summary

December 14, 2020 - The case was voluntarily dismissed.

July 14, 2020 - An investor in shares of Verrica Pharmaceuticals Inc. (NASDAQ: VRCA) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania over alleged violations of Federal Securities Laws by Verrica Pharmaceuticals Inc. in connection with certain allegedly false and misleading statements made between September 16, 2019 and June 29, 2020.

West Chester, PA based Verrica Pharmaceuticals Inc., a clinical stage medical dermatology company, develops and commercializes dermatological treatments in the United States. On June 29, 2020, Verrica Pharmaceuticals Inc disclosed receipt of a letter from the U.S. Food and Drug Administration ( FDA ) regarding the Company's New Drug Application ( NDA ) for VP-102 for the treatment of molluscum contagiosum. The letter identified certain deficiencies that preclude discussion of labeling and post-marketing requirements. Moreover, according to Verrica Pharmaceuticals Inc, the FDA's information requests have included a specific request related to a potential safety issue with the applicator that could arise if the instructions for use were not properly followed.
Shares ofVerrica Pharmaceuticals Inc. (NASDAQ: VRCA) declined from $16.00 per share on June 24, 2020, to as low as $7.65 per share on July 14, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Verrica Pharmaceuticals Inc. (NASDAQ: VRCA) common shares between September 16, 2019 and June 29, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between September 16, 2019 and June 29, 2020, the defendants failed to disclose to investors that the Company’s proprietary applicator used for VP-102 posed certain safety risks if the instructions were not properly followed that, as a result, Verrica would incorporate certain user features to mitigate the safety risk, that the addition of the user feature would require additional testing for stability supportive data, that, as a result of the foregoing, regulatory approval for VP-102 was reasonably likely to be delayed, and 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.