The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Brainstorm Cell Therapeutics Inc. (BCLI)

The Law Offices of Frank R. Cruz reminds investors of the upcoming January 2, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Brainstorm Cell Therapeutics Inc. (“Brainstorm Cell” or the “Company”) (NASDAQ: BCLI) securities between August 15, 2022 and September 27, 2023, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On November 10, 2022, Brainstorm Cell disclosed that the U.S. Food and Drug Administration (“FDA”) had rejected its New Biologics License Application (“BLA”) for its ALS treatment, NurOwn. On this news, Brainstorm Cell’s stock price fell $1.22, or 42.2%, to close at $1.67 per share on November 10, 2022, thereby injuring investors.

Then, on September 27, 2023, Brainstorm Cell announced the results of the FDA’s review of its resubmitted BLA in which it was determined that there was not substantial evidence to show NurOwn’s effectiveness. Further, the FDA stated that Brainstorm Cell had downplayed the risks associated with NurOwn, and that “the manufacturing information was grossly deficient to ensure adequate product quality.” On this news, Brainstorm Cell’s stock price fell $0.19, or 48.7%, to close at $0.20 per share on September 28, 2023, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Brainstorm Cell downplayed the severity of the FDA’s refusal to file letter; (2) Brainstorm Cell continued to conceal the risks associated with the submission of the BLA; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired Brainstorm Cell securities during the Class Period, you may move the Court no later than January 2, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231228676281/en/