SAN DIEGO– Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of NRx Pharmaceuticals, Inc. (NASDAQ: NRXP; NRXPW) securities between June 1, 2021 and November 4, 2021, both dates inclusive (the “Class Period”) have until March 21, 2022 to seek appointment as lead plaintiff in Dal Bosco v. NRx Pharmaceuticals, Inc., No. 22-cv-00066 (D. Del.). Commenced on January 18, 2022 and pending before Judge Maryellen Noreika, the NRx Pharma class action lawsuit charges NRx as well as certain of its top executives with violations of the Securities Exchange Act of 1934.
NRx is a clinical-stage small molecule pharmaceutical company that develops various therapeutics for the treatment of central nervous system disorders and life-threatening pulmonary diseases. NRx’s products include, among others, ZYESAMI, an investigational pre-commercial drug for COVID-19 related respiratory failure. In June 2021, NRx announced that it filed an application with the 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.
The NRx Pharma class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) the ZYESAMI EUA application contained insufficient data regarding the potential benefits and risks of ZYESAMI; (ii) accordingly, the FDA was unlikely to approve the ZYESAMI EUA application in its present form; and (iii) as a result, NRx’s public statements were materially false and misleading at all relevant times.
On November 4, 2021, NRx issued a press release “announc[ing] that the [FDA] has declined to issue an [EUA] for ZYESAMI® (aviptadil). The FDA stated that it was unable to issue the EUA at this time 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 price declined by more than 25%, damaging investors.
Robbins Geller Rudman & Dowd LLP has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased NRx securities during the Class Period to seek appointment as lead plaintiff in the NRx Pharma class action lawsuit. 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 NRx Pharma class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the NRx Pharma class action lawsuit. An investor’s ability to share in any potential future recovery of the NRx Pharma class action lawsuit is not dependent upon serving as lead plaintiff.
