NEW YORK, June 27, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Verrica Pharmaceuticals, Inc. (""Verrica or the "Company") (NASDAQ: VRCA). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Verrica and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In December 2020, Verrica submitted its New Drug Application ("NDA") to the U.S. Food and Drug Administration ("FDA") seeking regulatory approval of VP-102 for the treatment of molluscum. Then, on September 20, 2021, after the market closed, Verrica announced receipt of a Complete Response Letter ("CRL") due to deficiencies at a facility of Verrica's contract manufacturer in connection with the Company's NDA.
On this news, the Company's stock price fell $1.00 per share, or 8.3%, to close at $11.03 per share on September 21, 2021.
In November 2021, Verrica resubmitted the NDA for VP -102, claiming "[t]he resubmission addresses the successful resolution of inspection deficiencies" at the manufacturing facility. Finally, on May 24, 2022, after the market closed, Verrica announced receipt of another Complete Response Letter regarding the VP-102 NDA citing "deficiencies identified during a general reinspection of Sterling Pharmaceuticals Services, LLC (Sterling), the contract manufacturing organization (CMO) that manufacture's Verrica's bulk solution drug product."
On this news, Verrica's stock price fell $3.55 per share, or 63.8%, to close at $2.01 per share on May 25, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP