| COMPANY |
BioXcel Therapeutics, Inc. |
| COURT |
United States District Court for the District of Connecticut |
| CASE NUMBER |
3:23-cv-00915 |
| JUDGE |
The Hon. Sarala Vidya Nagala |
| CLASS PERIOD |
March 9, 2023 through August 11, 2023 |
| SECURITY TYPE |
Securities |
Case Background:
This is a federal securities class action brought on behalf of all investors who purchased or acquired BioXcel Therapeutics, Inc. (“BioXcel”) (NASDAQ: BTAI) securities March 9, 2023 and August 11, 2023, both dates inclusive (the “Class Period”).
The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the company lacked adequate internal controls over protocol adherence and data integrity; (2) as a result, the company’s principal investigator failed to adhere to the informed consent form approved by the Institutional Review Board; (3) the company’s principal investigator failed to maintain adequate case histories for certain patients whose records were reviewed by the FDA; (4) the company’s principal investigator fabricated email correspondence with a pharmacovigilance safety vendor that was then provided to the FDA; (5) the foregoing would negatively impact the company’s ability to obtain regulatory approval of BXCL501 for the treatment of agitation associated with dementia in patients with probable Alzheimer’s disease; and (6) as a result of the foregoing, Defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
On August 1, 2024, Lead Plaintiff filed a Second Amended Complaint. On September 6, 2024, Defendants filed a Motion to Dismiss the Second Amended Complaint which is being briefed by the parties. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.