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Phathom Pharmaceuticals (PHAT) Delays Product Launches Due to Quality Issues Case
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- In August 2022, Phathom (PHAT) discovered impurities in a drug, which resulted in delay of product launches.
- On it, $PHAT fell 28.8%, losing $149M+ of shareholder value.
- Investors may have grounds to suspect that Phathom hid its production quality setbacks, which led to their losses.
On August 2, 2022, Phathom disclosed detection of trace levels of a nitrosamine in vonoprazan drug product during post-approval testing in preparation for commercial launch. As a result, the Company planned to seek approval for additional testing prior to releasing first vonoprazan-based products to the market. The Company also stated that this will result in a delay of planned product launches.
On this news, $PHAT fell 28.8% and lost over $149 million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect that Phathom failed to timely disclose its production quality setbacks, which consequently led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
02 August 2022