The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
- the data submitted in support of the Tebipenem HBr NDA were insufficient to obtain FDA approval;
- accordingly, it was unlikely that the FDA would approve the Tebipenem HBr NDA in its current form;
- the foregoing would necessitate a significant workforce reduction and restructuring of Spero’s operations; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.