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FULC.US

Fulcrum Therapeutics (FULC) Misleading Case

D. New Jersey
Court
23-CV-02360
Case number
03 Mar 2022
Class period Start
08 Mar 2023
Class period End
  • Fulcrum disclosed the FDA's full clinical hold on FTX-605.
  • Fulcrum's stock price fell 56%, seriously damaging investors.
  • Investors may suspect the Company, Its Leaders, or its Service Providers of misleading.
On February 24, 2023, Fulcrum disclosed that "the FDA verbally informed the company that it has issued a full clinical hold regarding the Investigational New Drug (IND) application for FTX-6058 for the potential treatment of sickle-cell disease. The Agency indicated that it would provide a formal Clinical Hold Letter to the company within 30 days."

On February 24, 2023, Fulcrum's stock price fell 56%, seriously damaging investors.

Then, on March 9, 2023, Fulcrum announced recent business highlights and the Company’s Q4 and full-year 2022 financial results.  The press release provided 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.”  Finally, the FDA requested that Fulcrum “further define the population where the potential benefit of continued treatment with FTX-6058 outweighs the potential risk.”

On this news, Fulcrum’s stock price fell 23%.

Taking all representations, Investors may have reasons to suspect the Company, Its Leaders, or its Service Providers of misleading statements and failure to timely disclose the truth about business prospects.
Alleged Offence
Mismanagement
Misleading Statements
Failure to Disclose
Negligence
Omissions
Suspected Party
Directors
Management
Government Authority
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
24 February 2023
Filing date
28 April 2023
Lead Plaintiff Deadline
27 June 2023
Judge
Hon. Renee Marie Bumb
Collecting participants…
Created by Stan Vick, Scout

Fulcrum Therapeutics Inc

Fulcrum Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing products for improving the lives of patients with genetically defined diseases in the areas of high unm...

    Ticker
    FULC.US
    ISIN
    US3596161097
    CIK
    1680581
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    26 Landsdowne Street, Cambridge, MA, United States, 02139