SAN DIEGO – (BUSINESS WIRE) –The class: Shareholder Rights Law Firm Robbins LLP informs investors that a shareholder has filed a class action lawsuit on behalf of individuals and entities that have purchased or otherwise acquired the Homology Sciences, Inc. securities. (NASDAQ: FIXX) from June 10, 2019 to February 18, 2022 for violating the Stock Exchange Act of 1934. Homology is a genetic drug company that aims to transform the lives of patients suffering from rare genetic diseases. The main candidate for the company’s product is HMI-102, gene therapy for the treatment of phenylketonuria (PKU) in adults.
For more information about Homology Medicines, Inc. misconduct, click here.
What is this case about: Homology Medicines, Inc. (FIXX) misleads the investing public as its main drug candidate, HMI-102
According to the complaint, Homology announced on June 10, 2019 that it had launched registration for the trial version of HMI-102. During the teaching period, the defendants promoted the course of the experiment and the effectiveness of the therapy. However, these statements were untrue. The defendants did not disclose that the Company overestimated the effectiveness of HMI-102 and risk mitigation, and therefore it was unlikely that the Company could commercialize HMI-102 in its current form.
On February 18, 2022, Homology issued a press release stating that “The U.S. Food and Drug Administration (FDA) has notified the company that its HMI-102 phenIX gene therapy study in adults with phenylketonuria (PKU) has been clinically suspended. due to the need to adjust the risk reduction measures in the study in response to observations of increased liver function tests “and that”[t]The company expects to receive an official clinical detention letter within 30 days. ”Following this report, Homology’s stock price fell $ 1.26 or 32.64% and closed at $ 2.60 per share on February 22, 2022.
Next steps: If you acquired shares in Homology Medicines, Inc. between June 10, 2019 and February 18, 2022, (FIXX), you have time until May 24 2022, ask the court to appoint you as the lead prosecutor in the class. The lead plaintiff is the representative party acting on behalf of the other members of the class in litigation. You do not have to participate in case you are entitled to recovery.
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