According to the Complaint, Biohaven Ltd. is a biopharmaceutical company that discovers, develops, and commercializes therapies for immunology, neuroscience, and oncology. Biohaven is developing, among other product candidates, troriluzole for the treatment of spinocerebellar ataxia ("SCA"), among other indications, as well as BHV-7000 for the treatment of bipolar disorder. This class action was filed against Biohaven and two of its Officers.

In May 2023, Biohaven announced that it had submitted a New Drug Application with the United States Food and Drug Administration for troriluzole as a treatment for SCA. Likewise, in October 2023, Biohaven announced that the European Medicines Agency had accepted the Company's Marketing Authorization Application for troriluzole as a treatment for SCA.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) troriluzole's regulatory prospects as a treatment for SCA, and/or the sufficiency of data that Biohaven submitted in support of troriluzole's regulatory approval for this indication, were overstated; (ii) BHV-7000's efficacy and clinical prospects as a treatment for bipolar disorder were likewise overstated; (iii) all the foregoing, once revealed, was likely to have a significant negative impact on Biohaven's business and financial condition; and (iv) as a result, Defendants' public statements were materially false and misleading at all relevant times.