Pronai investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Pronai is a clinical stage oncology company with a focus on pioneering a novel class of therapeutics based on its proprietary DNA interference technology platform. Until recently, the company had only one product candidate – PNT2258, which was purportedly designed to target cancers that overexpress B-cell lymphoma such as Hodgkin’s lymphomas and non-Hodgkin lymphoma.
The complaint alleges that since July 15, 2015, Pronai and certain of its officers and directors have misrepresented the efficacy and safety of PNT2258, and the drug’s purported attendant capacity for approval by the FDA. Specifically, the complaint alleges that the defendants’ statements were materially false and misleading because PNT2258 was not, and never would be, an effective treatment for Diffuse Large B-Cell Lymphoma (“DLBCL”).
According to the complaint, investors ultimately learned the truth that PNT2258 was not an effective treatment for DLBCL when, on June 6, 2016, the company issued a press release announcing interim data for the two Phase 2 trials and revealed that PNT2258 had failed to produce sufficient efficacy results to justify its continued clinical development.
Following this news, the price of Pronai common stock declined from a closing share price of $6.38 per share on June 3, 2016 to close at $2.07 per share on June 6, 2016 a loss of more than 67%, on heavy trading volume.
If you are a member of the class described above, you may no later than January 9, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
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