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Globe Newswire 12-Sep-2023 2:30 AM
NEW YORK, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Lordstown Motors Corp. (OTC:RIDEQ), Aldeyra Therapeutics, Inc. (NASDAQ:ALDX), and RTX Corporation (NYSE:RTX). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Lordstown Motors Corp. (OTC:RIDEQ)
Class Period: August 4, 2022 – June 27, 2023
Lead Plaintiff Deadline: September 25, 2023
The lawsuit alleges that, throughout the Class Period, Lordstown represented publicly that it had been working collaboratively with Hon Hai Technology Group ("Foxconn") in the context of the companies' joint venture. However, on June 27, 2023, Lordstown revealed in a court filing that, contrary to Lordstown's Class Period representations, the Company's vital partnership with Foxconn had long been in jeopardy and Foxconn's conduct toward Lordstown had been anything but collaborative. Lordstown filed litigation against Foxconn and several of its subsidiaries in the U.S. Bankruptcy Court for the District of Delaware alleging Foxconn's fraud, bad faith, and failure to live up to its commercial and financial commitments to the Company.
On this news, the Company's stock price fell $0.54 per share, over 21%, to close at $2.29 per share on June 27, 2023.
For more information on the Lordstown class action go to: https://bespc.com/cases/RIDE
Aldeyra Therapeutics, Inc. (NASDAQ:ALDX)
Class Period: March 17, 2022 – June 20, 2023
Lead Plaintiff Deadline: September 29, 2023
Aldeyra, a biotechnology company, develops and commercializes medicnes for immune-mediated diseases. The Company is currently developing ADX-2191, a dihydrofolate reductase inhibitor for the treatment of primary vitreoretinal lymphoma cancer, proliferative vitreoretinopathy, and retinitis pimentosa, as well as rare retinal diseases characterized by inflammation and vision loss.
In December 2022, Aldeyra submitted a new drug application ("NDA") to the U.S. Food and Drug Administration ("FDA") for ADX-2191 for the Treatment of Primary Vitreoretinal Lymphoma (the "ADX-2191 NDA").
On June 21, 2023, Aldeyra issued a press release "announc[ing] receipt of a Complete Response Letter from the U.S. Food and Drug Administration (FDA) for the 505(b)(2) New Drug Application (NDA) of ADX-2191 (methotrexate for injection, USP), an investigational drug candidate, for the treatment of primary vitreoretinal lymphoma (PVRL)." The press release state that "[a]lthough no safety or manufacturing issues with ADX-2191 were identified, the FDA stated that there was a ‘lack of substantial evidence of effectiveness' due to ‘a lack of adequate and well-controlled investigations' in the literature-based NDA submission."
On his news, Aldeyra's stock price fell $2.92 per share, or 27.44%, to close at $7.72 per share on June 21, 2023.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the ADX-2191 NDA did not include adequate and well-controlled investigations and thus failed to show substantial evidence of ADX-2191's effectiveness; (ii) as a result, the FDA was unlikely to approve the ADX-2191 NDA in its current form; (iii) accordingly, the company had overstated ADX-2191's clinical and/or commercial prospects; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
For more information on the Aldeyra class action go to: https://bespc.com/cases/ALDX
RTX Corporation (NYSE:RTX)
Class Period: February 8, 2021 – July 25, 2023
Lead Plaintiff Deadline: October 2, 2023
On July 25, 2023, Reuters released an article entitled "RTX shares tumble on Pratt & Whitney airliner engine problem," which reported that "more than 1,000 [GTF] engines must [be] removed from Airbus planes and checked for microscopic cracks." Reuters further reported that "RTX said it was reducing its 2023 cash-flow forecast by $500 million to $4.3 billion due to the inspections."
On this news, the price of RTX shares declined by more than 10%, damaging investors.
The RTX class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the GTF engines had been affected from at least 2015-2020 by a quality control issue; and (ii) this quality control issue would require RTX to recall and reinspect many of its GTF airplanes, affecting customers and harming its business.
For more information on the RTX class action go to: https://bespc.com/cases/RTX
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.