NEW YORK, March 04, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Aquestive Therapeutics, Inc. ("Aquestive" or the "Company") (NASDAQ: AQST) in United States District Court for the District of New Jersey. The class action is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Aquestive securities between December 2, 2019 and September 25, 2020, both dates inclusive (the "Class Period”).
All investors who purchased shares of Aquestive Therapeutics, Inc. and incurred losses are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Aquestive Therapeutics, Inc., you may, no later than April 30, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Aquestive Therapeutics, Inc.
On December 2, 2019, Aquestive announced the completion of the rolling submission of a New Drug Application ("NDA") to the U.S. Food and Drug Administration ("FDA") for Libervant Buccal Film for the management of seizure clusters (the "Libervant NDA").
The filed complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
- data included in the Libervant NDA submission showed a lower drug exposure level than desired for certain weight groups;
- the foregoing significantly decreased the Libervant NDA's approval prospects;
- as a result, it was foreseeable that the FDA would not approve the Libervant NDA in its current form; and
- as a result, the Company's public statements were materially false and misleading at all relevant times.
On September 25, 2020, Aquestive announced receipt of a Complete Response Letter ("CRL") from the FDA indicating that the review cycle for the Libervant NDA was complete but the application could not be approved in its current form. Specifically, Aquestive advised investors that "[i]n the CRL, the FDA cited that, in a study submitted by the Company with the NDA, certain weight groups showed a lower drug exposure level than desired. The Company intends to provide to the FDA additional information on PK modeling to demonstrate that dose adjustments will obtain the desired exposure levels."
On this news, Aquestive's stock price fell $2.64 per share, or 34.69%, to close at $4.97 per share on September 28, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
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