NEW YORK, Aug. 16, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in NRx Pharmaceuticals, Inc. (“NRx” or the “Company”) (NASDAQ: NRXP; NRXPW). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529 ext. 7980.
The investigation focuses on whether NRx and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
On August 12, 2022, NRx disclosed in a filing with the United States Securities and Exchange Commission that “[i]In connection with the preparation of our condensed consolidated financial statements for the three months ended June 30, 2022, the Company has determined that the accounting for the contingent features of replacement warrants issued pursuant to the May 24, 2021 merger agreement (the “Merger”) between Big Rock Partners Acquisition Corp. (now renamed NRx Pharmaceuticals) and NeuroRx, Inc. and reported in our previously filed Quarterly Reports on Form 10-Q for the periods ended June 30, 2021 and September 30, 2021 (collectively the “Affected Periods”) was incorrect. NRx further stated that it “determined that these errors were caused by a material weakness” which was “due to an ineffective risk assessment of complex transaction review procedures” which “led to a deficiency in designing and implementing appropriate review controls for complex mandate transactions. Accordingly, NRx advised that “the Company’s reports, related earnings releases, investor presentations or similar communications previously provided or filed, describing the Company’s financial results for the Relevant Periods should no longer be relied upon” and that “[t]The Company intends to promptly file restated unaudited interim financial statements for the Affected Periods[.]”
On this news, NRx stock price fell $0.0503 per share, or 6.29%, to close at $0.7494 per share on August 15, 2022, the next trading day.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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