The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired NRx Pharmaceuticals, Inc. ("NRx" or the "Company") (NASDAQ: NRXP) securities between June 1, 2021 and November 4, 2021, inclusive (the "Class Period"). NRx investors have until March 21, 2022 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
In June 2021, NRx announced that it filed an application with U.S. Food and Drug Administration ("FDA") requesting Emergency Use Authorization ("EUA") for ZYESAMI (Aviptadil-acetate) to treat critically ill COVID-19 patients suffering with respiratory failure.
On November 4, 2021, NRx announced that the FDA declined to issue an EUA for ZYESAMI "due to insufficient data regarding the known and potential benefits of the medicine and the known and potential risks of ZYESAMI in patients suffering from Critical COVID-19 with respiratory failure."
On this news, NRx's stock fell $2.27, or 25.5%, to close at $6.65 per share on November 5, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the ZYESAMI EUA Application contained insufficient data regarding the potential benefits and risks of ZYESAMI; (2) accordingly, the FDA was unlikely to approve the ZYESAMI EUA Application in its present form; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased NRx securities during the Class Period, you may move the Court no later than March 21, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased NRx securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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