Biohaven .(US:BHVN) Prnewswire·2025-07-27 14:00Core Viewpoint - A class action lawsuit has been filed against Biohaven Ltd. and certain officers for alleged violations of federal securities laws during the Class Period from March 24, 2023, to May 14, 2025, seeking damages for affected investors [1][6]. Company Overview - Biohaven is a biopharmaceutical company focused on developing therapies in immunology, neuroscience, and oncology, with notable product candidates including troriluzole for spinocerebellar ataxia and BHV-7000 for bipolar disorder [3]. Regulatory Developments - In May 2022, a Phase 3 trial for troriluzole failed to meet its primary endpoint, yet the company continued to promote its regulatory prospects based on post-hoc analyses [4]. - Biohaven submitted a New Drug Application (NDA) for troriluzole to the FDA in May 2023, and the European Medicines Agency (EMA) accepted its Marketing Authorization Application (MAA) in October 2023 [5]. Allegations of Misleading Statements - Throughout the Class Period, Biohaven's executives allegedly made materially false and misleading statements regarding the company's business and the regulatory prospects of its products, particularly regarding troriluzole and BHV-7000 [6]. Stock Price Reactions - Following the FDA's rejection of the troriluzole NDA on July 27, 2023, Biohaven's stock price dropped by $5.38, or 22.61%, closing at $18.42 [7]. - On March 3, 2025, after disclosing disappointing data for BHV-7000, the stock fell by $5.12, or 13.77%, to $32.06 [9]. - Reports of the withdrawal of the troriluzole MAA led to a stock price decline of $3.56, or 15.21%, closing at $19.84 on April 25, 2025 [10]. - On May 14, 2025, the announcement of an extended review period for the troriluzole NDA resulted in a further stock price drop of $3.84, or 19.53%, to $15.82 [11].