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LOS ANGELES, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises BioXcel Therapeutics, Inc. (“BioXcel” or the “Company”) (NASDAQ: BTAI) investors that a lawsuit filed on behalf of investors that purchased BioXcel securities between December 15, 2021 and June 28, 2023, both dates inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The lawsuit filed in this class action asserts that during the designated period, the Defendants made statements that were materially false and/or deceptive, and also neglected to disclose crucial negative information about the Company's business, operations, and future prospects. Specifically, the Defendants failed to inform investors of the following: (1) the Company's inadequate internal controls concerning adherence to protocols and data integrity; (2) the failure of the Company's principal investigator to comply with the approved informed consent form from the Institutional Review Board; (3) the inadequate maintenance of complete case histories for certain patients whose records were reviewed by the FDA; (4) the fabrication of email correspondence between the Company's principal investigator and a pharmacovigilance safety vendor, which was then submitted to the FDA; (5) the detrimental impact of these issues on the Company's ability to obtain regulatory approval for BXCL501 as a treatment for agitation associated with dementia in probable Alzheimer's disease patients; and (6) as a result of the aforementioned issues, the Defendants' positive statements about the Company's business, operations, and prospects were significantly misleading and lacked a reasonable basis.
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