This lawsuit is for anyone who acquired securities in Spero Therapeutics, Inc. (NASDAQ: SPRO) from October 28, 2021 through May 2, 2022.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, during the above mentioned time period, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the FDA would approve the Company's NDA for the Company's urinary tract infection treatment drug, tebipenem HBr, when the Company knew that the FDA was unlikely to approve the application because the Company submitted insufficient data to the FDA.
On March 31, 2022, Spero released its fourth quarter and full year 2021 financial results, disclosing that the FDA had notified the Company that it had “identified deficiencies” in the NDA “that preclude discussion of labeling and post-marketing requirements/commitments.” On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on May 3, 2022, Spero issued a press release announcing “that it will immediately defer current commercialization activities for tebipenem HBr based on feedback from a recent Late Cycle Meeting with the [FDA] regarding Spero’s [NDA] for tebipenem HBr[,]” and that, “[a]lthough the review is still ongoing and the FDA has not yet made any final determination regarding approvability, the discussion suggested that the data package may be insufficient to support approval during this review cycle.” Spero also disclosed that it would be “undertaking a reduction in its workforce by approximately 75% and a restructuring of its operations to reduce operating costs and reallocate resources.” On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Spero Therapeutics, Inc. (NASDAQ: SPRO) from October 28, 2021 through May 2, 2022 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.