This lawsuit is for anyone who acquired securities in Fulcrum Therapeutics, Inc. (NASDAQ: FULC) from March 22, 2022 through March 8, 2023.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to timely inform investors that its drug for treating sickle-cell disease treatment, FTX- 6058, was unsafe.
On February 24, 2023, Fulcrum announced that the U.S. Food and Drug Administration (FDA) verbally informed the company that it has issued a full clinical hold regarding the Investigational New Drug application for its sickle-cell disease treatment, FTX-6058, due to previously reported preclinical data. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on March 9, 2023, before the market opened, Fulcrum disclosed that in the clinical hold letter the Company received on February 24, 2023, the FDA referenced preclinical data previously submitted in April, October and December 2022, and non-clinical and clinical evidence of hematological malignancies observed with other inhibitors of polycomb repressive complex 2 (PRC2), and noted that the profile of hematological malignancies observed in the non-clinical studies of FTX-6058 is similar to that observed with other inhibitors of PRC2, and that hematological malignancies have been reported clinically with other PRC2 inhibitors. The Company further announced that the FDA requested that Fulcrum further define the population where the potential benefit of continued treatment with FTX-6058 outweighs potential risk. 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 Fulcrum Therapeutics, Inc. (NASDAQ: FULC) from March 22, 2022 through March 8, 2023 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.
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hsmith@howardsmithlaw.com