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Shareholder Alert: Robbins LLP Announces Abeona Therapeutics Inc. (ABEO) Sued for Misleading Shareholders

November 6, 2019

SAN DIEGO & NEW YORK--(BUSINESS WIRE)--Nov 6, 2019--

Shareholder rights law firm Robbins LLP announces that a purchaser of Abeona Therapeutics Inc. (NASDAQ: ABEO) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between May 31, 2018 and September 23, 2019. Abeona Therapeutics is a clinical-stage biopharmaceutical company that develops cell and gene therapies for life-threatening rare genetic diseases. Its lead programs include EB-101 for the treatment of recessive dystrophic epidermolysis bullosa (“RDEB”).

If you suffered a loss as a result of Abeona Therapeutics’ misconduct, click here.

Abeona Therapeutics Inc. (ABEO) Receives Clinical Hold Letter from FDA

According to the complaint, in May 2018, Abeona announced the opening of a commercial Good Manufacturing Practice (“GMP”) gene and cell therapy manufacturing facility in Ohio, touting its capacity to manufacture EB-101 and its ability to “satisfy the necessary chemistry, manufacturing, and controls (CMC) requirements for commercial development.” Following this opening, in March 2019, Abeona reported in its Form 10-K that ”[t]he Company expect[ed] to initiate [the VITAL Study]… in the middle of 2019″ and highlighted Abeona’s investments in its manufacturing processes. In May 2019, Abeona continued to tout the progress of the VITAL study evaluating EB-101 and the completion of its CMC work, reaffirming that the study was on track to start in mid-2019. Despite these assurances, on September 23, 2019, Abeona announced its receipt of a clinical hold letter from the FDA, revealing that it would not allow Phase 3 of the VITAL Study without the submission of additional data and the remediation of the Company’s CMC issues. Since this news, Abeona’s stock price has fallen almost 19% and currently trades at around $2.65.

Abeona Therapeutics Inc. (ABEO) Shareholders Have Legal Options

Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsllp.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191106005810/en/

CONTACT: Leo Kandinov

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

lkandinov@robbinsllp.com

(619) 525-3990 or Toll Free (800) 350-6003

www.robbinsllp.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NEW YORK

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2019.

PUB: 11/06/2019 12:53 PM/DISC: 11/06/2019 12:53 PM

http://www.businesswire.com/news/home/20191106005810/en