On October 5, 2018, Pomerantz LLP was appointed Lead Counsel in a class action lawsuit filed against Recro Pharma, Inc. and certain of its officers.
The investigation concerns whether Recro and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 24, 2018, Recro announced that the U.S. Food & Drug Administration ("FDA") had declined to approve Recro's New Drug Application for the non-opioid pain relief treatment IV meloxicam. In its Complete Response Letter, the FDA stated that the drug's analgesic effects did not meet FDA expectations and raised questions related to chemistry, manufacturing and controls data. On this news, Recro's share price fell $6.79 or 54.67%, closing at $5.63 on May 24, 2018.