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Verrica Pharmaceuticals, Inc. Class Action Lawsuit - VRCA

Company Name
Verrica Pharmaceuticals, Inc.
Stock Symbol
VRCA
Class Period
May 28, 2021 to May 24, 2022
Motion Deadline
August 5, 2022
Court
Eastern District of Pennsylvania
39 days left to seek lead plaintiff status

Case Summary

The Verrica class action lawsuit seeks to represent purchasers or acquirers of Verrica Pharmaceuticals, Inc. (NASDAQ: VRCA) securities between May 28, 2021 and May 24, 2022, inclusive (the “Class Period”).  The Verrica class action lawsuit – captioned Gorlamari v. Verrica Pharmaceuticals, Inc., No. 22-cv-02226 (E.D. Pa.) – charges Verrica and certain of its top executive officers with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Verrica class action lawsuit, please submit your information here.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Verrica class action lawsuit must be filed with the court no later than August 5, 2022.

CASE ALLEGATIONS: In December 2020, Verrica resubmitted its New Drug Application (“NDA”) to the U.S. Food and Drug Administration seeking regulatory approval of VP-102 for the treatment of molluscum contagiosum, its lead product candidate.

The Verrica class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) there were manufacturing deficiencies at the facility where Verrica’s contract manufacturer produced bulk solution for VP-102; (ii) these deficiencies were not remediated when Verrica resubmitted its NDA for VP-102 for molluscum contagiosum; and (iii) the foregoing presented significant risks to Verrica obtaining regulatory approval of VP-102 for molluscum contagiosum.

On September 20, 2021, Verrica announced receipt of a Complete Response Letter due to deficiencies at a facility of Verrica’s contract manufacturer in connection with Verrica’s NDA.  On this news, Verrica’s stock price fell by more than 8%.

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.  However, on May 24, 2022, Verrica announced receipt of another Complete Response Letter regarding the VP-102 NDA citing “deficiencies identified at a general reinspection of Sterling Pharmaceuticals Services, LLC . . . , the contract manufacturing organization . . . that manufactures Verrica’s bulk solution drug product.”  On this news, the price of Verrica shares fell by nearly 64%, further damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Verrica securities during the Class Period to seek appointment as lead plaintiff.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Verrica class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Verrica class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Verrica class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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