Lawsuit filed for Investors in shares of Verrica Pharmaceuticals Inc. (NASDAQ: VRCA)

An investor, who purchased shares of Verrica Pharmaceuticals Inc. (NASDAQ: VRCA), filed a lawsuit over alleged Securities Laws violations by Verrica Pharmaceuticals Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Verrica Pharmaceuticals Inc. (NASDAQ: VRCA) ou have certain options and for certain investors are short and strict deadlines running. Deadline: August 5, 2022. NASDAQ: VRCA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

West Chester, PA based Verrica Pharmaceuticals Inc., a dermatology therapeutics company, develops and commercializes treatments for people with skin diseases in the United States.

In December 2020, Verrica Pharmaceuticals Inc. submitted its New Drug Application ("NDA") to the U.S. Food and Drug Administration ("FDA") seeking regulatory approval of VP-102.

On September 20, 2021, after the market closed, Verrica Pharmaceuticals Inc. announced receipt of a Complete Response Letter ("CRL") due to deficiencies at a facility of Verrica's contract manufacturer in connection with the Company's NDA.

In November 2021, Verrica Pharmaceuticals Inc. resubmitted the NDA for VP-102, claiming "[t]he resubmission addresses the successful resolution of inspection deficiencies" at the manufacturing facility.

Then, on May 24, 2022, after the market closed, Verrica Pharmaceuticals Inc. announced that the U.S. Food and Drug Administration ("FDA") had issued a Complete Response Letter regarding its New Drug Application [….], VP-102. Specifically, the FDA cited "deficiencies identified at a general reinspection of Sterling Pharmaceuticals Services, LLC (Sterling), the contract manufacturing organization (CMO) that manufactures Verrica's bulk solution drug product."

Shares of Verrica Pharmaceuticals Inc. (NASDAQ: VRCA) declined from $14.789 per share on September 7, 2021, to as low as $1.77 per share on June 1, 2022.

The plaintiff claims that between May 28, 2021 and May 24, 2022, the Defendants failed to disclose to investors that there were manufacturing deficiencies at the facility where Verrica Pharmaceuticals' contract manufacturer produced bulk solution for VP-102, that these deficiencies were not remediated when Verrica Pharmaceuticals resubmitted its NDA for VP-102, that the foregoing presented significant risks to Verrica Pharmaceuticals obtaining regulatory approval of VP-102, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Verrica Pharmaceuticals Inc. (NASDAQ: VRCA) have certain options and should contact the Shareholders Foundation.

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 lawsuits, 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.

This release was published on openPR.