Bragar Eagel & Squire is Investigating Certain Officers and Directors of Caribou, Verrica, and Playstudios on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

/EIN News/ -- NEW YORK, April 27, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating certain officers and directors Caribou Biosciences, Inc. (NASDAQ: CRBU), Verrica Pharmaceuticals, Inc. (NASDAQ: VRCA), and Playstudios, Inc. (NASDAQ: MYPS) on behalf of long-term stockholders. More information about each potential case can be found at the link provided.

Caribou Biosciences, Inc. (NASDAQ: CRBU)

Bragar Eagel & Squire is investigating certain officers and directors of Caribou Biosciences, Inc. following a class action complaint that was filed against Caribou on April 11, 2023.

According to the complaint, the Company’s Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) CB-010’s treatment effect was not as durable as Defendants had led investors to believe; (ii) accordingly, CB-010’s clinical and commercial prospects were overstated; and (iii) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.

To learn more about our investigation into Caribou go to: https://bespc.com/cases/CRBU

Verrica Pharmaceuticals, Inc. (NASDAQ: VRCA)

Bragar Eagel & Squire is investigating certain officers and directors of Verrica Pharmaceuticals, Inc. following a class action complaint that was filed against Verrica.

In December 2020, Verrica submitted its New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) seeking regulatory approval of VP-102 for the treatment of molluscum.

On September 20, 2021, after the market closed, Verrica announced receipt of a Complete Response Letter (“CRL”) due to deficiencies at a facility of Verrica’s contract manufacturer in connection with the Company’s NDA.

On this news, the Company’s stock price fell $1.00, or 8.3%, to close at $11.03 per share on September 21, 2021, on unusually heavy trading volume.

In November 2021, Verrica resubmitted the NDA for VP-102, claiming “[t]he resubmission addresses the successful resolution of inspection deficiencies” at the manufacturing facility.

Then, on May 24, 2022, after the market closed, Verrica announced receipt of another Complete Response Letter regarding the VP-102 NDA citing “deficiencies identified during a general reinspection of Sterling Pharmaceuticals Services, LLC (Sterling), the contract manufacturing organization (CMO) that manufactures Verrica’s bulk solution drug product.”

On this news, the Company’s shares fell $3.55, or 63.8%, to close at $2.01 per share on May 25, 2022, on unusually heavy trading volume.

The complaint filed in this class action 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: (1) that there were manufacturing deficiencies at the facility where Verrica’s contract manufacturer produced bulk solution for VP-102; (2) that these deficiencies were not remediated when Verrica resubmitted its NDA for VP-102 for molluscum; (3) that the foregoing presented significant risks to Verrica obtaining regulatory approval of VP-102 for molluscum; and (4) that, 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.

To learn more about our investigation into Verrica go to: https://bespc.com/cases/VRCA

Playstudios, Inc. (NASDAQ: MYPS)

Bragar Eagel & Squire is investigating certain officers and directors of Playstudios, Inc. following a class action complaint that was filed against Playstudios.

Playstudios repeatedly communicated to the market that its game Kingdom Boss was “on track” for a 2021 release throughout that year. The Company represented that it would enjoy significant revenue and profits from this launch, including representations near the SPAC merger between the Company and Acies Acquisition Corp. The Company then announced on February 26, 2022, that Kingdom Boss had been indefinitely “suspended.”

The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Playstudios was having significant problems with its flagship game, Kingdom Boss; (ii) Playstudios would not be releasing Kingdom Boss as expected; and (iii) Playstudios had not revised its financial projections to account for the problems it had encountered with Kingdom Boss. As a result of defendants' wrongful conduct, Class members paid artificially inflated prices for their Playstudios securities and suffered substantial losses and damages.

To learn more about our investigation into Playstudios go to: https://bespc.com/cases/MYPS

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com