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Lawsuit filed for Investors in shares of Abeona Therapeutics Inc. (NASDAQ: ABEO)

11-18-2019 05:53 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Abeona Therapeutics Inc. (NASDAQ: ABEO) shares.

A lawsuit was filed on behalf of investors in Abeona Therapeutics Inc. (NASDAQ: ABEO) shares.

An investor, who purchased shares of Abeona Therapeutics Inc. (NASDAQ: ABEO), filed a lawsuit in over alleged Securities Laws violations by Abeona Therapeutics Inc.

Investors who purchased shares of Abeona Therapeutics Inc. (NASDAQ: ABEO) have certain options and for certain investors are short and strict deadlines running. Deadline: January 2, 2020. NASDAQ: ABEO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

New York based Abeona Therapeutics Inc., a clinical-stage biopharmaceutical company, develops cell and gene therapies for life-threatening rare genetic diseases. Abeona Therapeutics Inc’s lead programs include, among other product candidates, EB-101 for the treatment of recessive dystrophic epidermolysis bullosa (“RDEB”). EB-101 is an autologous, gene-corrected cell therapy in which the normal COL7A1 gene is inserted into a patient’s own skin cells (keratinocytes) and transplanted back to the patient to restore normal Type VII collagen expression and skin function. From preliminary clinical data and expert input, Abeona Therapeutics Inc expected EB-101 to be a potential treatment choice for most wounds, and believes it is currently the only product candidate being evaluated as a treatment for larger wounds.
On September 23, 2019, Abeona Therapeutics Inc announced receipt of a clinical hold letter from the U.S. Food and Drug Administration (“FDA”), “clarifying that the FDA will not provide approval for the Company to begin its planned Phase 3 clinical trial for EB-101 until it submits to the FDA additional data points on transport stability of EB-101 to clinical sites.”

The plaintiff claims that between May 31, 2018 and September 23, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Abeona’s Chemical, Manufacturing and Controls (“CMC”) and internal controls and procedures and/or compliance policies were inadequate, that as a result, the Company failed to provide sufficient data points on the transport stability of EB-101 to clinical sites, or else such transport stability was insufficient, that consequently, it was foreseeable that the U.S. Food and Drug Administration (“FDA”) would reject approval for the start of the VITAL Study until such issues were addressed, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.

Those who purchased shares of Abeona Therapeutics Inc. (NASDAQ: ABEO) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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