NEW YORK, Nov. 11, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Brainstorm Cell Therapeutics Inc. (“Brainstorm” or the “Company”) (NASDAQ: BCLI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Brainstorm and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On September 27, 2023, the Company announced in a press release the results of the United States Food and Drug Administration’s (“FDA”) review of its Biologics License Application (“BLA”) for the Company’s proprietary cell therapy platform NurOwn for the treatment of amyotrophic lateral sclerosis. The release revealed that members of the Cellular, Tissue, and Gene Therapies Advisory Committee voted 17 to 1 that there was not substantial evidence to show NurOwn’s effectiveness. Specifically, the FDA’s briefing document stated that the BLA was scientifically incomplete to demonstrate substantial evidence of effectiveness, and that the manufacturing information was grossly deficient to ensure adequate product quality.
On this news, Brainstorm’s stock price fell $0.19 per share, or 48.72%, to close at $0.20 per share on September 28, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
