NEW ORLEANS, Aug. 11, 2023 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until September 5, 2023 to file lead plaintiff applications in a securities class action lawsuit against BioXcel Therapeutics, Inc. (NasdaqCM: BTAI), if they purchased the Company’s securities between December 15, 2021 and June 28, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of Connecticut.
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BioXcel investors should visit us at https://claimsfiler.com/cases/nasdaq-btai/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
BioXcel and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On June 29, 2023, pre-market, the Company disclosed that in December 2022, the U.S. Food and Drug Administration (“FDA”) identified three “inspectional observations” from the Company’s clinical trial for its BXCL501 drug product relating to “the principal investigator’s failure to adhere to the informed consent form approved by the Institutional Review Board for a limited number of subjects whose records the FDA reviewed, maintain adequate case histories for certain patients whose records the FDA reviewed, and adhere to the investigational plan in certain instances.” Further, the Company disclosed that in May 2023, it learned that the same investigator “may have fabricated email correspondence” to show that a serious adverse event report had been timely submitted to the Company’s pharmacovigilance safety vendor and that it was investigating “protocol adherence and data integrity at the principal investigator’s trial site and was in the process of retaining an independent third party to audit the data collected at the site.”
On this news, shares of BioXcel fell $11.28 per share, or 63.8%, to close at $6.39 per share on June 29, 2023, on unusually heavy trading volume.
The case is Martin v. BioXcel Therapeutics, Inc., et al., No. 23-cv-00915.
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