NEW YORK, April 25, 2018 /PRNewswire/ -- Bernstein Liebhard
LLP announces that a class action lawsuit has been filed on behalf
of purchasers of the securities of Edge Therapeutics, Inc. ("EDGE"
or the "Company") (NASDAQ: EDGE) between December 29, 2017 and March 27, 2018, both dates inclusive (the "Class
Period"). The lawsuit seeks to recover damages for Edge investors
under the federal securities laws.
To join the Edge class action, and/or if you have information
relating to this matter, please visit our EDGE SHAREHOLDER PAGE or
contact Daniel Sadeh toll free at
(877) 779-1414 or dsadeh@bernlieb.com.
According to the lawsuit, throughout the Class Period,
Defendants made false and/or misleading statements and/or failed to
disclose that: (1) the Company's lead product candidate EG-1962
would likely fail a futility analysis in connection with the NEWTON
2 study; and (2) as a result, the Company's financial statements
and Defendants' statements about Edge's business, operations, and
prospects, were materially false and misleading at all relevant
times.
On December 29, 2017, Edge
announced that "an independent Data Monitoring Committee (DMC)
recommended that the Phase 3 NEWTON 2 study of EG-1962 continue as
planned based on the completion of a pre-planned futility analysis.
The DMC made this recommendation after evaluating data from the Day
90 follow-up visit of the first 150 patients randomized and
treated."
Then, on March 28, 2018, Edge announced "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, "[t]he independent Data Monitoring
Committee (DMC) 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's recommendation, Edge stated
that it will discontinue the Phase 3 NEWTON 2 study.
On this news, Edge's stock fell $14.28 per share, or nearly 92%, to close
at $1.31 per share on March 28,
2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court
no later than June 22, 2018. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in
The Legal 500 for ten consecutive years.
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ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
dsadeh@bernlieb.com
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SOURCE Bernstein Liebhard LLP