--- title: "Curanex discloses two New York class actions tied to its August 2025 IPO" url: "https://aibio.space/news/curanex-discloses-two-new-york-class-actions-tied-august-2025-ipo/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-10-19" section: "Legal" tickers: "NASDAQ:CURX" source: "https://www.sec.gov/Archives/edgar/data/2025942/000149315226047614/form8-k.htm" summary: "Curanex Pharmaceuticals is a defendant, with underwriters Dominari Securities LLC, Pacific Century Securities, LLC and Revere Securities LLC, in two New Yo" --- By the aibio.space news desk. Sources - [Curanex Pharmaceuticals 8-K (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/2025942/000149315226047614/form8-k.htm) - [Curanex 10-Q for the quarter ended June 30, 2026](https://www.sec.gov/Archives/edgar/data/2025942/000149315226038145/form10-q.htm) - [Curanex 8-K, Nasdaq compliance, Sept 4, 2026](https://www.sec.gov/Archives/edgar/data/2025942/000149315226041546/form8-k.htm) - [Curanex 8-K, reverse split, Aug 17, 2026](https://www.sec.gov/Archives/edgar/data/2025942/000149315226038764/form8-k.htm) - [Curanex 10-K for 2025 (directors and officers)](https://www.sec.gov/Archives/edgar/data/2025942/000149315226013677/form10-k.htm) - [Curanex 424B4, resale prospectus issued with the IPO, dated Aug 25, 2025](https://www.sec.gov/Archives/edgar/data/2025942/000149315225012351/form424b4.htm) - [Curanex 8-K, CFO resignation, Jan 5, 2026](https://www.sec.gov/Archives/edgar/data/2025942/000149315226000358/form8-k.htm) [CURX](https://aibio.space/companies/curanex-pharmaceuticals/) 2026-10-19 # Curanex discloses two New York class actions tied to its August 2025 IPO Tickers [CURX](https://aibio.space/companies/curanex-pharmaceuticals/) Curanex Pharmaceuticals is a defendant, with underwriters Dominari Securities LLC, Pacific Century Securities, LLC and Revere Securities LLC, in two New York class actions over its August 2025 IPO. Both suits allege Securities Act violations in the offering documents. ## Key facts - **Company**: Curanex Pharmaceuticals Inc (NASDAQ: CURX) - **News type**: Legal - **Primary source**: [Curanex Pharmaceuticals 8-K (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/2025942/000149315226047614/form8-k.htm) *The stone facade of a federal building. Photo: Carol M Highsmith, CC0, via rawpixel. The picture shows the field, not the companies named.* Curanex Pharmaceuticals Inc (Nasdaq: [CURX](https://aibio.space/companies/curanex-pharmaceuticals/)) disclosed on October 19, 2026 that it is a defendant in two putative securities class actions in New York state court over its August 2025 initial public offering. The [8-K](https://www.sec.gov/Archives/edgar/data/2025942/000149315226047614/form8-k.htm) names the company and three IPO underwriters as defendants: Dominari Securities LLC, Pacific Century Securities, LLC and Revere Securities LLC. The first complaint also names more than 20 other issuers, underwriters and individual principals of the underwriters. The second names the company's former chief financial officer, its directors and its independent auditor, but the 8-K identifies them by role only. The company says both actions are at a preliminary stage and that it intends to defend them vigorously. ## The offering Curanex was incorporated in New York on June 1, 2018 as Durand Damiel Health Inc. It was renamed Fordman Pharma Inc. in October 2023 and Curanex Pharmaceuticals Inc. in November 2023, when it began to focus on discovering, developing and commercializing botanical drugs for inflammatory diseases. It is now a Nevada corporation. The August 2025 offering was a firm-commitment underwritten primary offering of 3,750,000 shares, made under a separate IPO prospectus. The prospectus dated August 25, 2025 also registered the resale of up to 1,750,000 shares by selling stockholders, conditioned on the IPO being completed. ## The two complaints Daymond Morales, et al. filed the first action on July 23, 2026, in the Supreme Court of the State of New York, New York County (Index No. 159271/2026). Robert Lovett filed the second on September 14, 2026, in the same court (Index No. 655238/2026). Both assert claims under Sections 11 and 12(a)(2) of the Securities Act of 1933. The complaints also assert Section 15 claims against individuals associated with the defendants. The proposed classes include people who acquired securities in the IPO or traceable to its offering documents. The complaints allege misstatements and omissions in the offering documents about the risk of stock-price manipulation, underwriter due diligence, anti-money laundering compliance, supervision and business-communication monitoring. The Morales complaint also makes general blanket allegations of market manipulation. The 8-K says neither complaint asserts a fraud claim against the company. Both seek unspecified compensatory damages and interest. These are allegations, and no court has ruled on them. The company's deadline to respond to Morales has been extended to November 15, 2026. Plaintiffs' counsel agreed to extend its deadline to respond to Lovett through December 11, 2026. ## Cash and going concern Curanex's [quarterly report](https://www.sec.gov/Archives/edgar/data/2025942/000149315226038145/form10-q.htm) for the period ended June 30, 2026 says conditions raise substantial doubt about the company's ability to continue as a going concern. For the six months ended June 30, 2026, it incurred a net loss of $6,441,198 and used cash in operating activities of approximately $2.03 million. At June 30, 2026 it had cash and cash equivalents of $2,938,463 and an accumulated deficit of $11,288,753. Operating expenses were partly funded by prepaid research and development balances, which declined from $6,166,294 at December 31, 2025 to $1,819,177 at June 30, 2026. The company expects its cash used in operating activities to increase materially as those balances are consumed. ## Listing history Nasdaq notified Curanex on November 5, 2025 that it had failed to keep a minimum bid price of $1.00 for 30 consecutive business days, as Listing Rule 5550(a)(2) requires. The board approved a reverse stock split by written consent on May 31, 2026, and holders of a majority of the voting power approved it on June 11, 2026. On July 22, 2026 the board approved a 1-for-20 ratio, and the company effected the split on August 20, 2026. On September 3, 2026, Nasdaq staff told the company that its closing bid price had been at $1.00 or more for the last 10 consecutive business days, from August 20 to September 2, 2026. ## Management change Haiyan Yang informed the company on December 31, 2025 of her resignation as chief financial officer and treasurer, effective immediately. The company said the resignation involved no disagreement about its operations, policies or practices. Wanjun Zhang was appointed chief financial officer effective January 1, 2026. The 8-K does not name Yang as a defendant, and the lawsuits refer to the former chief financial officer without naming her. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story CURX Curanex Pharmaceuticals Inc NASDAQ ยท United States Open the starter desk ## More in Legal Legal ### [Alnylam details Texas patent suit, two Cipla patent cases and a U.S. Attorney subpoena](https://aibio.space/news/alnylam-details-texas-patent-suit-two-cipla-patent-cases-u-s-attorney/) Oct 29, 2026 Legal ### [Viking and Ligand dispute VK2809 license termination in San Diego court](https://aibio.space/news/viking-ligand-dispute-vk2809-license-termination-san-diego-court/) Oct 29, 2026 Legal ### [Viking's ITC trade secret ruling against Ascletis is on appeal at Federal Circuit](https://aibio.space/news/vikings-itc-trade-secret-ruling-against-ascletis-appeal-federal/) Oct 29, 2026 --- Source page: https://aibio.space/news/curanex-discloses-two-new-york-class-actions-tied-august-2025-ipo/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Curanex discloses two New York class actions tied to its August 2025 IPO", 2026-10-19, https://aibio.space/news/curanex-discloses-two-new-york-class-actions-tied-august-2025-ipo/