NEW YORK, Feb. 24, 2021 /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 firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Brainstorm and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 22, 2021, Brainstorm issued a press release "announc[ing] . . . that it recently met with senior leadership from the U.S. Food and Drug Administration (FDA) and received FDA feedback on a high-level data summary from the NurOwn (autologous MSC-NTF cells) ALS Phase 3 clinical trial. The FDA concluded from their initial review that the current level of clinical data does not provide the threshold of substantial evidence that FDA is seeking to support a Biologics License Application (BLA)." The press release quoted Brainstorm's Chief Executive Officer, Chaim Lebovits, as stating that "Brainstorm will first consult with principal investigators, ALS experts, expert statisticians, regulatory advisors, and ALS advocacy groups to assess the benefit/risk of a BLA submission before making a final decision[.]"
On this news, Brainstorm's stock price fell $2.32 or 33.62% to close at $4.58 per share on February 22, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP