Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF continues its investigation into Verrica Pharmaceuticals Inc. (NasdaqGM: VRCA).
In December 2020, the Company submitted a New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) for regulatory approval of its lead product, VP-102 or YCANTH, for the treatment of molluscum contagiosum, a skin disease. On September 20, 2021, the Company disclosed the receipt of a Complete Response Letter (“CRL”) resulting from deficiencies at its contract manufacturer’s facility. In November 2021, the Company resubmitted the NDA, claiming “[t]he resubmission addresses the successful resolution of inspection deficiencies” at the manufacturing facility. Then, on May 24, 2022, the Company disclosed the receipt of another Complete Response Letter regarding the VP-102 NDA citing “deficiencies identified during a general reinspection of Sterling Pharmaceuticals Services, LLC (Sterling), the contract manufacturing organization (CMO) that manufactures Verrica’s bulk solution drug product.”
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Previously, the court presiding over the case denied the Company’s motion to dismiss in part. Recently, the court denied the Company’s second motion to dismiss in part, allowing the case to move forward.
KSF’s investigation is focusing on whether Verrica’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Verrica shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit us at https://ksfcounsel.com/cases/verrica-pharmaceuticals-inc-nasdaqgm-vrca/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit ksfcounsel.com.
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