Law360 (May 21, 2021, 9:35 p.m. EDT) – Biopharmaceutical company Provention Bio Inc. misled its shareholders about the upcoming approval of its type 1 diabetes drug, causing its shares to decline nearly 18% according to a proposed class action lawsuit Filed in federal court in New Jersey Friday.
Provention and its Chief Executive Officer and Chief Financial Officer repeatedly omitted information and overestimated the prospects for approval of its drug teplizumab with the US Food and Drug Administration. This emerges from the complaint, which listed a number of press releases and statements from company executives during the profit calls hyping the drug’s potential despite alleged knowledge of the shortcomings in its use …
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