Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Biogen, Telos, Fennec, and Astra Space and Encourages Investors to Contact the Firm

2/14, 3:00 AM (Source: GlobeNewswire)

NEW YORK, Feb. 13, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Biogen, Inc. (NASDAQ: BIIB), Telos Corporation (NASDAQ: TLS), Fennec Pharmaceuticals, Inc. (NASDAQ: FENC), and Astra Space, Inc. (NASDAQ: ASTR). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Biogen, Inc. (NASDAQ: BIIB)

Class Period: June 7, 2021 – January 11, 2022

Lead Plaintiff Deadline: April 8, 2022

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the larger dataset did not provide necessary data regarding aducanumab’s effectiveness; (2) the EMERGE study did not and would not provide necessary data regarding aducanumab's effectiveness; (3) the PRIME study did not and would not provide necessary data regarding aducanumab’s effectiveness; (4) the data provided by the Company to the FDA’s Peripheral and Central Nervous System Drugs Advisory Committee did not support finding efficacy of aducanumab; and (5) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

For more information on the Biogen class action go to: https://bespc.com/cases/BIIB

Telos Corporation (NASDAQ: TLS)

Class Period: November 19, 2020 – November 12, 2021

Lead Plaintiff Deadline: April 8, 2022

The Class Action alleges that, during the Class Period, Defendants made materially false and misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) the TSA and CMS contracts, which constituted a majority of the Company’s future revenues, were not on track to commence as represented at the end of 2021 and in 2022; (2) Defendants lacked a reasonable basis and sufficient visibility to provide and affirm the Company’s 2021 guidance in the face of the uncertainty surrounding the TSA and CMS contracts; (3) COVID- and hacking scandal-related headwinds were throwing off the timing for performance of the TSA and CMS contracts and their associated revenues; (4) as a result, the guidance provided by Defendants was not in fact “conservative”; (5) as a result of the delays, Telos would be forced to dramatically reduce its revenue estimates; and (6) as a result of the foregoing, Defendants’ statements about Telos’ business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

On this news, the Company’s stock price fell $6.84, or 28%, to close at $17.54 per share on November 15, 2021.

For more information on the Telos class action go to: https://bespc.com/cases/TLS

Fennec Pharmaceuticals, Inc. (NASDAQ: FENC)

Class Period: May 28, 2021 – November 26, 2021

Lead Plaintiff Deadline: April 11, 2022

According to the complaint, Fennec completed its submission of a New Drug Application (“NDA”) with the U.S. Food and Drug Administration (“FDA”) for PEDMARK for the prevention of ototoxicity induced by cisplatin chemotherapy in patients 1 month to <18 years of age with localized, non-metastatic, solid tumors, in February 2020. In August 2020, Fennec announced it had received a Complete Response Letter (“CRL”) from the FDA for the NDA because of deficiencies identified at the manufacturing facility of the Company's drug product manufacturer. Fennec resubmitted the NDA in May 2021.

On November 29, 2021, Fennec announced “that it expects to receive a [CRL] after the PDUFA [Prescription Drug User Fee Act] target action date of November 27, 2021 from the [FDA] regarding its [Resubmitted Pedmark NDA].” Deficiencies at the manufacturing facility of Fennec’s drug product manufacturer had again been identified, and “[o]nce the official CRL is received, the Company plans to request a Type A meeting to discuss the deficiencies and steps required for the resubmission of the NDA for PEDMARK™.”

On this news, Fennec’s share price fell over 50%, to close at $4.78 per share on November 29, 2021.

For more information on the Fennec class action go to: https://bespc.com/cases/FENC

Astra Space, Inc. (NASDAQ: ASTR)

Class Period: February 2, 2021 – December 29, 2021

Lead Plaintiff Deadline: April 11, 2022

On December 29, 2021, Kerrisdale Capital published a report stating that Astra’s claim of being able to launch its rockets “anywhere in the world” was “simply not true.” The report alleged that in the US, Astra could only launch from an FAA-licensed commercial spaceport approved for vertical launch, and that only five such sites exist in the country. Furthermore, the report pointed out that Astra had managed just a single successful orbital test flight, despite the Company’s forecast calling for 165 launches by 2024 and 300 launches by 2025.

On this news, Astra’s stock fell $1.10, or 14%, to close at $6.61 per share on December 29, 2021, thereby injuring investors.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Astra cannot launch “anywhere”; (2) Astra significantly overstated its addressable market; (3) Astra overstated the effectiveness of its designs and reliability; (4) Astra significantly overstated its plans for diversification and its broadband constellation plan; and (5) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.

For more information on the Astra Space class action go to: https://bespc.com/cases/ASTR

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com


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