The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Spero Therapeutics, Inc. (NASDAQ: SPRO) who purchased shares between October 28, 2021 and May 2, 2022. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Spero lawsuit alleges that (i) the data submitted in support of the New Drug Application (“NDA”) for the Company’s product candidate, Tebipenem HBr, were insufficient to obtain approval from the U.S. Food and Drug Administration (“FDA”); (ii) accordingly, it was unlikely that the FDA would approve the Tebipenem HBr NDA in its current form; (iii) the foregoing would necessitate a significant workforce reduction and restructuring of Spero’s operations; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until July 25, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.