Philadelphia, Pennsylvania--(Newsfile Corp. - August 24, 2023) - Berger Montague advises investors that a securities fraud class action lawsuit has been filed against BioXcel Therapeutics, Inc. ("BioXcel") (NASDAQ: BTAI) on behalf of those who purchased BioXcel securities between December 15, 2021 and June 28, 2023, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired BioXcel securities during the Class Period may, no later than September 5, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at jmaro@bm.net or (267) 637-3176, or Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015 or visit: https://investigations.bergermontague.com/bioxcel-therapeutics/.
BioXcel is a biopharmaceutical company that uses artificial intelligence to develop medicines in neuroscience and immuno-oncology. BioXcel claims that its most advanced clinical development program is BXCL501, which is purportedly a proprietary, orally dissolving, film formulation of dexmedetomidine for the treatment of agitation associated with psychiatric and neurological disorders.
According to the lawsuit, on June 29, 2023, before the market opened, BioXcel disclosed that its principal investigator for the Phase 3 TRANQUILITY II clinical trial had failed to "adhere to the informed consent form approved by the Institutional Review Board" for some subjects and failed to maintain adequate case histories for certain patients whose records were reviewed by the Food and Drug Administration ("FDA"). BioXcel further disclosed that the same principal investigator "may have fabricated" email correspondence regarding a serious adverse event. BioXcel further disclosed that the fabricated email correspondence was provided to the FDA during an on-site inspection in December 2022.
Following this news, BioXcel's stock price fell $11.28 per share, or 63.8%, to close at $6.39 per share on June 29, 2023.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Whistleblowers: Anyone with non-public information regarding BioXcel is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., San Diego, San Francisco, Chicago, and Wilmington, DE has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
jmaro@bm.net
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/178389
Published by: Newsfile Corp .