Builders FirstSource, Inc. (BLDR)
Whether directors and officers of Builders FirstSource, Inc. (BLDR) breached their fiduciary duties to the company and its shareholders.
Investigation
05/24/2022
Initial Lawsuit
06/06/2022
Lawsuit Progression
08/05/2022
Did Verrica mislead shareholders about the new drug application (NDA) submitted to the U.S. Food and Drug Administration (FDA) seeking regulatory approval of VP-102 for the
treatment of molluscum?
The company received a complete response letter (CRL) on September 20, 2021, due to deficiencies at a facility of its contract manufacturer and on May 24, 2022, due to “deficiencies identified during a general reinspection of Sterling Pharmaceuticals Services, LLC (Sterling), the contract manufacturing organization (CMO) that manufacture’s Verrica’s bulk solution drug product.”
This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.
A lawsuit was subsequently filed. We will update this post as it unfolds.
05/24/2022
Verrica discloses another complete response letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding its New Drug Application (NDA) for VP-102 for the treatment of molluscum contagiosum (molluscum).
“The only deficiency listed in the CRL was related to the 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. Sterling advised Verrica on May 20, 2022 that it received notice that it is on [Official Action Indicated (OAI)] status. Sterling’s OAI classification resulted from a week-long reinspection of the CMO conducted by FDA in February 2022. The reinspection was conducted approximately 90 days after Sterling was originally classified by the Agency as VAI (Voluntary Action Indicated) on November 17, 2021. Verrica understood that the VAI classification did not indicate that a reinspection was required.”
“The CRL did not identify any other deficiencies. Moreover, none of the issues identified by FDA during the reinspection were specific to the manufacturing of VP-102. Additionally, Verrica was informed by the Division that it had completed its review of Verrica’s NDA and product label, there were no open questions on the NDA review, and the VP-102 label was ready to be communicated. However, Verrica has been informed that internal FDA policy is preventing the Agency from communicating the label and approving the NDA when a CMO has an unresolved classification status or is placed on OAI status.”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$2.01 | $5.56 | $-3.55 | -63.85% |
A shareholder filed this securities class action lawsuit on behalf of persons and entities that purchased or otherwise acquired Verrica securities between May 28, 2021 and May 24, 2022, inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:
(1) that there were manufacturing deficiencies at the facility where Verrica’s contract manufacturer produced bulk solution for VP-102;
(2) that these deficiencies were not remediated when Verrica resubmitted its NDA for VP-12 for molluscum;
(3) that the foregoing presented significant risks to Verrica obtaining regulatory approval of VP-102 for molluscum; and
(4) 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.
The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses
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