BOSTON, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors that securities class actions have been filed against NextCure, Inc. ( NXTC) and Wrap Technologies, Inc. ( WRTC). Shareholders interested in serving as lead plaintiff have until the deadlines listed below to move the court. Further details about the cases are described below. There is no cost or obligation to you.
NXTC Shareholders – Click Here: https://www.blockleviton.com/cases/nxtc
WRTC Shareholders – Click Here: https://www.blockleviton.com/cases/wrap
NextCure, Inc. ( NXTC) – Lead Plaintiff Deadline of November 20, 2020
On July 13, 2020, NextCure shocked the markets when it announced that it no longer planned to advance the monotherapy trial for its lead product candidate, NC318, in non-small cell lung cancer and ovarian cancer. On the same day, NextCure announced the resignation of its Chief Medical Officer, Kevin N. Heller, M.D. On this news, the price of NextCure common stock plummeted over 54% in one day, closing at just $8.15 per share.
A lawsuit has been filed in the U.S. District Court for the Southern District of New York against NextCure and certain of its officers and directors. The suit, which has a class period running from November 5, 2019 to July 14, 2020, alleges that beginning in November 2019, NextCure issued a series of misstatements that misled investors with respect to the efficacy of and objective responses observed in patients treated with NC318 in the Company’s Phase 1 clinical trial for non-small cell lung cancer and ovarian cancer. The lawsuit further alleges that NextCure used these misstatements to artificially prop up the price of its stock to support a November 19, 2019 public offering of $150 million of the Company’s common stock, at $36.75 per share. According to the lawsuit, the July 13, 2020 news that NextCure was no longer advancing the NC318 trial was so shocking because of the Company’s previous statements touting the positive results of NextCure’s Phase 1 trial for NC318.
Wrap Technologies, Inc. ( WRTC) – Lead Plaintiff Deadline of November 23, 2020
Wrap purportedly develops security products designed for use by law enforcement and security personnel. In December 2019, Wrap announced that the Los Angeles Police Department had decided to train its officers on Wrap’s “BolaWrap 100,” a handheld remote restraint device. However, on September 23, 2020, analyst White Diamond Research stunned the market with its report entitled “Wrap Technologies: Disastrous LAPD BolaWrap Pilot Program Results, No Evidence These Have Been Communicated to Investors.” This report described an August 25, 2020 LAPD analysis, which White Diamond described as revealing that “[o]ver a six-month period, 200 BolaWrap devices in the hands of 1,100 LAPD officers in the field were used only nine times, and only worked once.” On this news, Wrap shares fell by over 25% in one day, from their September 22, 2020 close of $8.14 per share to a September 23, 2020 close of $6.07.
A lawsuit alleging violations of federal securities laws has been filed against Wrap and certain of its officers and directors in the U.S. District Court for the Central District of California. The suit, which has a class period running from July 31, 2020 to September 23, 2020, alleges that beginning on July 31, 2019, Wrap Technologies misled investors about the purported success of the LAPD trial of the BolaWrap, including that the LAPD officers had provided “great feedback” on their “uses so far” of the BolaWrap. According to the lawsuit, the September 23, 2020 White Diamond Research report shocked the market because of the Company’s previous statements touting the positive result of the LAPD’s BolaWrap trial.
If you purchased or acquired shares of NXTC or WRTC and have questions about your legal rights or possess information relevant to these matters, please contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or via the links provided above.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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SOURCE: Block & Leviton LLP
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