UroGen Investor Sues After Cancer Therapy Setback, 45% Selloff

UroGen Pharma Ltd. misled investors about the prospects for its bladder cancer treatment to garner regulatory support, leading up to a record stock drop when an advisory committee voted negatively on it, a proposed class action said.

Share prices plummeted almost 45% to close at $4.17 May 21, the day that an advisory committee to the Food and Drug Administration voted against the therapy’s benefit versus risk while the agency reviewed the company’s new drug application, an investor’s complaint told the US District Court for the District of New Jersey. It was the stock’s steepest one-day slide since UroGen’s May ...