NEW YORK, Jan. 18, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against NRx Pharmaceuticals, Inc. (“NRx” or the “Company”) (NASDAQ: NRXP; NRXPW) and certain of his officers. The class action, filed in the United States District Court for the District of Delaware and registered as 22-cv-00066, is on behalf of a class consisting of all persons and entities other than defendants who have purchased or otherwise acquired NRx securities between June 1, 2021 and November 4, 2021, both dates inclusive (the “Class Period”), seeking to recover damages caused by the Defendants’ violations of federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its senior leaders.
If you are a shareholder who purchased or otherwise acquired NRx during the class period, you have until March 21, 2022 to ask the court to name you as the lead plaintiff in the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those applying by email are encouraged to include their mailing address, phone number and number of shares purchased.
[Click here for information about joining the class action]
NRx is a clinical-stage small molecule pharmaceutical company developing various therapies for the treatment of central nervous system disorders and life-threatening lung diseases. The Company’s products include, among others, ZYESAMI, an investigational pre-commercial drug for respiratory failure related to COVID-19.
In June 2021, NRx announced that it had filed an application with the United States Food and Drug Administration (“FDA”) requesting an Emergency Use Authorization (“EUA”) for ZYESAMI (Aviptadil-Acetate ) to treat critically ill COVID-19 patients with respiratory failure. (the “EUA ZYESAMI Application”).
The Complaint alleges that throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) ZYESAMI’s EUA application contained insufficient data regarding the potential benefits and risks of ZYESAMI; (ii) as a result, the FDA was unlikely to approve ZYESAMI’s EUA application in its current form; and (iii) as a result, the Company’s public statements were materially false and misleading at all material times.
On November 4, 2021, NRx issued a press release “announcing[ing] that the [FDA] refused to issue a [EUA] for ZYESAMI® (aviptadil). The FDA has said it is unable to issue the EUA at this time due to insufficient data regarding the known and potential benefits of the drug and the known and potential risks of ZYESAMI in patients with COVID-19. critical with respiratory failure.
On this news, NRx stock price fell $2.27 per share, or 25.45%, to close at $6.65 per share on November 5, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. 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 the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980