According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- the data submitted in support of the New Drug Application (“NDA”) of Tebipenem HBr, an oral carbapenem-class antibiotic to treat complicated urinary tract infections, including pyelonephritis for adults, were insufficient to obtain U.S. Food and Drug Administration (“FDA”) approval;
- accordingly, it was unlikely that the FDA would approve the Tebipenem HBr NDA in its current form;
- the foregoing would necessitate a significant workforce reduction and restructuring of Spero Therapeutics’s operations; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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