Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Aldeyra, RTX, and Eos and Encourages Investors to Contact the Firm
NEW YORK, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Aldeyra Therapeutics, Inc. (NASDAQ: ALDX), RTX Corporation (NYSE: RTX), and Eos Energy Enterprises (NASDAQ: EOSE). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Aldeyra Therapeutics, Inc. (NASDAQ: ALDX)
Class Period: March 17, 2022 – June 20, 2023
Lead Plaintiff Deadline: September 29, 2023
Aldeyra, a biotechnology company, develops and commercializes medicnes for immune-mediated diseases. The Company is currently developing ADX-2191, a dihydrofolate reductase inhibitor for the treatment of primary vitreoretinal lymphoma cancer, proliferative vitreoretinopathy, and retinitis pimentosa, as well as rare retinal diseases characterized by inflammation and vision loss.
In December 2022, Aldeyra submitted a new drug application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) for ADX-2191 for the Treatment of Primary Vitreoretinal Lymphoma (the “ADX-2191 NDA”).
On June 21, 2023, Aldeyra issued a press release “announc[ing] receipt of a Complete Response Letter from the U.S. Food and Drug Administration (FDA) for the 505(b)(2) New Drug Application (NDA) of ADX-2191 (methotrexate for injection, USP), an investigational drug candidate, for the treatment of primary vitreoretinal lymphoma (PVRL).” The press release state that “[a]lthough no safety or manufacturing issues with ADX-2191 were identified, the FDA stated that there was a ‘lack of substantial evidence of effectiveness’ due to ‘a lack of adequate and well-controlled investigations’ in the literature-based NDA submission.”
On his news, Aldeyra’s stock price fell $2.92 per share, or 27.44%, to close at $7.72 per share on June 21, 2023.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the ADX-2191 NDA did not include adequate and well-controlled investigations and thus failed to show substantial evidence of ADX-2191’s effectiveness; (ii) as a result, the FDA was unlikely to approve the ADX-2191 NDA in its current form; (iii) accordingly, the company had overstated ADX-2191’s clinical and/or commercial prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Aldeyra class action go to: https://bespc.com/cases/ALDX
RTX Corporation (NYSE: RTX)
Class Period: February 8, 2021 – July 25, 2023
Lead Plaintiff Deadline: October 2, 2023
On July 25, 2023, Reuters released an article entitled “RTX shares tumble on Pratt & Whitney airliner engine problem,” which reported that “more than 1,000 [GTF] engines must [be] removed from Airbus planes and checked for microscopic cracks.” Reuters further reported that “RTX said it was reducing its 2023 cash-flow forecast by $500 million to $4.3 billion due to the inspections.”
On this news, the price of RTX shares declined by more than 10%, damaging investors.
The RTX class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the GTF engines had been affected from at least 2015-2020 by a quality control issue; and (ii) this quality control issue would require RTX to recall and reinspect many of its GTF airplanes, affecting customers and harming its business.
For more information on the RTX class action go to: https://bespc.com/cases/RTX
Eos Energy Enterprises (NASDAQ: EOSE)
Class Period: May 9, 2022 – June 27, 2023
Lead Plaintiff Deadline: October 2, 2023
On July 27, 2023, during market hours, Iceberg Research (“Iceberg”) published a report titled “62% Of $Eose’s Backlog Is With Financially Distressed Bridgelink Whose Renewable Energy Assets Were Foreclosed And Auctioned Off In May.” Therein, Iceberg alleged that, while the fate of Eos “rests on its touted 2.2 GWh energy storage system backlog, which EOS valued at $535 million at the end of March 2023,” the backlog “is fake.” Iceberg elaborated that “Bridgelink Commodities, accounts for half of EOS’s backlog by MWh or ~62% ($331 million) of its total dollar value” but that Iceberg “decided to dig into this customer’s background and uncovered a group whose assets were recently seized by a creditor and sold in an auction.” Iceberg added that “[w]e wonder how EOS can still present Bridgelink as a major client” and that “EOS continues to include Bridgelink in its backlog, and is likely to have made the same representations when applying for the Department of Energy loan.” Iceberg concluded that its findings “completely undermine the authenticity of EOS Energy’s promoted backlog.”
On this news, the Company’s stock price fell $0.83 per share, or 23.9%, to close at $2.65 per share on July 27, 2023, on unusually heavy trading volume.
On July 27, 2023, after the market closed, Eos issued a press release titled “Eos Energy Enterprises Provides Preliminary Results & Issues Statement Regarding Its Customer Commitments and Backlog.” Therein, the Company attempted to address the issues that Iceberg identified. Eos stated that “[t]he Company believes that its customer, Bridgelink Commodities, LLC, is a separate legal entity which is not implicated in the legal matters highlighted in today’s statements” and that “[t]his customer, representing 45% of the Company’s backlog, reconfirmed today that it continues to build pipeline and is actively seeking financing for energy storage projects covered by Eos’s multi-year Master Supply Agreement.” Eos also stated that “[t]he Company continues to progress through the Department of Energy (DOE) Loan Programs Office’s (LPO) process for its Title XVII loan and is awaiting a conditional approval decision which may be taking longer due to changes from the recent Interim Final Rule announced in May.”
On this news, the Company’s stock price fell $0.39 per share, or 14.7%, to close at $2.26 per share on July 28, 2023, 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 Bridgelink Commodities, LLC (“Bridgelink”) is connected to a group whose assets were seized by a creditor and sold in an auction; (2) that, as such, Bridgelink’s commitment and ability to purchase Eos products was not as secure as Eos had led investors to believe; (3) that, as such, Eos’s backlog was overstated; (4) that such overstatement negatively impacts Eos’s ability to secure a loan from the Department of Energy; and (5) 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.
For more information on the Eos class action go to: https://bespc.com/cases/EOSE
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.