SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of NRx Pharmaceuticals, Inc. - NRXP; NRXPW

NEW YORK, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of NRx Pharmaceuticals, Inc. ("NRx" or the "Company") NRXP.   Such investors are advised to contact Robert S. Willoughby at  newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether NRx and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On August 12, 2022, NRx disclosed in a filing with the U.S. Securities and Exchange Commission that "[i]n connection with the preparation of our condensed, consolidated financial statements for the quarter ended June 30, 2022, the Company determined that the accounting for the contingent features of substitute 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 "has determined that these errors were caused by a material weakness" that was "due to ineffective risk assessment related to review procedures for complex transactions" which "led to a deficiency in the design and implementation of appropriate review controls for complex warrant transactions."  Accordingly, NRx advised that "previously furnished or filed reports, related earnings releases, investor presentations or similar communications of the Company describing the Company's financial results for the Affected Periods should no longer be relied upon" and that "[t]he Company intends to promptly file restated unaudited interim financial statements for the Affected Periods[.]" 

On this news, NRx's 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 acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. 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 in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com 
888-476-6529 ext. 7980