On March 28, 2023, Scorpion Capital released an investigative report claiming that pharmaceutical company Harmony Biosciences’s (NASDAQ: HRMY) narcolepsy drug, Wakix, has serious health risks, and that the pharmaceutical company concealed information from the FDA that would have prevented Wakix’s 2019 approval.
Following this news, Harmony Bioscience’s stock price plummeted over 27% on Tuesday, March 28, 2023, causing significant harm to investors.
Why is HRMY Stock Dropping?
On Tuesday, March 28, 2023, Scorpion Capital released an investigative report claiming that pharmaceutical company Harmony Biosciences’s narcolepsy drug, Wakix, is a repeat of another similar drug that the FDA previously pulled from the market due to cardiac toxicity.
The report alleges “12 sudden deaths in the foreign clinical trials, all in the drug arm, none in placebo” and alleges that the company provided “sham safety studies” that misled the FDA into approving the drug back in 2019. Scorpion Capital adds that it obtained “dozens of serious adverse event reports” from the FDA that “paint a devastating picture of the drug’s risk to even young, otherwise healthy patients,” and it is now planning to file a Citizen’s Petition with the FDA to request withdrawal of Wakix’s approval.
Our Securities Lawyers Have a Winning Record Against Companies Like Harmony Biosciences
Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.
You “shouldn’t presume that powerful banks and other powerful interests can just get away with doing bad things. Good, qualified counsel that are committed to a cause can usually figure out how to prosecute such cases effectively and prevail.”
–Eric Gibbs, award-winning securities attorney
Praise from the Courts
Federal judge in our AT&T class action:
“I’ve always found them to be extraordinary counsel in terms of their preparation and their professionalism.”
Federal judge in our Chase lawsuit (resulting in $100 million settlement):
They “fought tooth and nail, down to the wire” to achieve “the best settlement that they could under the circumstances.”
Read more about what judges say about us.
Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.
Gibbs Law Group's Financial Fraud Experience
We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).