Bragar Eagel & Squire, P.C. Prompts Depositors About Claim Against Provention, Washington Prime Group, Virgin Galactic, and RLX Technology

Bragar Eagel & Squire, P.C., has prompted stakeholders that class actions have been originated on behalf of stockholders of AcelRx Pharmaceuticals Inc (NASDAQ: ACRX), Ocugen Inc (NASDAQ: OCGN), and Tarena International Inc (NASDAQ: TEDU).

Stockholders have until the limits mentioned below to requisition the law court to serve as lead complainant

Stockholders have until the deadline date stated below to bid the court to purpose as a lead complainant. 

AcelRx Pharmaceuticals Inc (NASDAQ: ACRX)

Class Period: March 17, 2020, to February 12, 2021

Lead Plaintiff Deadline: August 9, 2021

AcelRx is a forte medicinal company that emphasizes the growth and commercialization of treatments to manage severe pain. The company’s principal creation applicant is DSUVIA, a 30 mcg sufentanil sublingual pill to treat moderate-to-severe severe pain.

On November 2, 2018, AcelRx stated that the U.S. Food and Drug Administration (“FDA”) had permitted DSUVIA to control severe pain in grownups. However, the pain is severe enough to require opioid painkilling in specialized therapeutically overseen healthcare settings, such as infirmaries, surgical centers, and emergency departments.

On February 16, 2021, AcelRx revealed that, on February 11, 2021, the company received an advisory communication from the FDA regarding promotional prerogatives for DSUVIA. Precisely, having “studied an ”SDS Banner Ad” and a tabletop exhibition,” the FDA settled that ” the publicity communications, the banner, and show, make untrue or deceptive claims and depictions about the jeopardies and effectiveness of DSUVIA.” “Thus misbrand Dsuvia within the connotation of the Federal Food, Drug, and Cosmetic Act (FD&C Act) and make its delivery vocative.” The warning letter “requested that AcelRx stop any defilements of the FD&C Act” and “submit a printed reply to the letter within 15 days from the date of acknowledgment.”

Throughout the Class Period, the grievance asserts that respondents made substantially false and deceptive declarations concerning the company’s business, processes, and obedience policies. Exactly, respondents made untrue and deceptive declarations and failed to reveal that:

  1. AcelRx had incomplete revelation controls and events with deference to its promotion of DSUVIA.
  2. Consequently, AcelRx had been making incorrect or deceptive prerogatives and depictions about the dangers and effectiveness of DSUVIA in firm ads and exhibitions.
  3. The preceding conduct exposed the company to augmented supervisory inspection and application.
  4. As a consequence, the company’s public declarations were substantially untrue and deceptive at all pertinent times.

The lawsuit against Ocugen Inc (NASDAQ: OCGN)

Class Period: February 2, 2021, to June 10, 2021

Lead Plaintiff Deadline: August 17, 2021

On May 26, 2021, Ocugen stated that it envisioned presenting to the FDA an Emergency Use Authorization (“EUA”) entitlement for COVAXIN, a COVID-19 inoculation, in June 2021. However, on June 10, 2021, Ocugen announced that it “will no longer track an Emergency Use Authorization (EUA) for COVAXIN,” in its place choosing to “follow plan of a biologics license application for its COVID-19 inoculation claimant, COVAXIN.” 

The Ocugen class action claim alleges that, throughout the Class Period, respondents made untrue and deceptive declarations and failed to reveal that:

  1. The information that Ocugen acquiesced to the U.S. Food and Drug Administration (“FDA”) was inadequate to provide a EUA.
  2. Ocugen would not record a EUA with the FDA.
  3. Consequently, Ocugen’s monetary declarations and respondents’ declarations about Ocugen’s business, processes, and forecasts were false and deceptive lacked a rational basis.

The lawsuit against Tarena International Inc (NASDAQ: TEDU)

Class Period: August 16, 2016, to November 1, 2019

Principal Complainant Limit: August 23, 2021

On April 30, 2019, the company recorded a Form NT 20-F Announcement of incapability to timely record a Form 20-F for the financial year ended December 31, 2018, with the SEC. The company specified the deferral in filing the Form 20-F was owing, in part, to “the autonomous inspection committee of the registrant’s board of directors directing a review of certain subjects. It was acknowledged during the sequence of the inspection of the registrant’s financial declarations for the year ended December 31, 2018, counting matters connected to the registrant’s income acknowledgment.”

Then on November 1, 2019, Tarena announced the consequences of its autonomous examination. Tarena exposed issues surrounding income and expenditure imprecisions, encounters of interest and related party dealings, and meddling with the external inspection procedures, which meant that monetary declarations from 2014 through 2018 could not be trusted upon and would have to be repeated.

It is alleged in this grievance, Tarena through the Class Period, made deceptive and untrue declarations and failed to disclose that:

  1. Certain personnel had hampered with external reviews of Tarena’sTarena’s monetary statements for specific periods.
  2. Tarena agonized from expenditure and income imprecisions.
  3. Tarena was involved in business dealings with administrations possessed, capitalized in, or organized by the staff of Tarena or their family members. Tarena did not correctly reveal some examples.
  4. Tarena’s financial statements from 2014 through the end of the Class Period were not precise as a result of the preceding.
  5. Tarena’s declarations about its business, processes, and forecasts were substantially deceptive and incorrect and lacked a reasonable basis at all pertinent times, as a consequence.

The lawsuit claims that savers suffered indemnities when the true particulars arrived in the market.

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