Pumainvestors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Puma is a development-stage pharmaceutical company that is primarily focused on acquiring and developing drug products. At all relevant times, Puma’s primary focus has been the development of the drug PB272 (“neratinib”). Neratinib was initially developed by the pharmaceutical companies Wyeth and Pfizer, and Puma acquired the rights to license the drug in 2011.
The Class Period commences on February 29, 2016, when Puma filed an annual report on Form 10-K with the SEC, announcing the company’s financial and operating results for the quarter and fiscal year ended December 31, 2015.
The complaint alleges that, on May 4, 2017, post-market, Puma disclosed the resignation of Dr. Robert Charnas, the company’s Senior Vice President, Regulatory Affairs, citing “health reasons.” Dr. Charnas’ resignation will be effective as of May 15, 2017, nine days before the FDA scheduled review of Puma’s breast cancer drug neratinib. On May 5, 2017, Fox Business published an online article entitled “Why Puma Biotechnology Shares are Crashing 18.2% Today,” stating in relevant part, “News of [Dr. Charnas’] departure so close to the FDA advisory committee meeting is disconcerting.”
Following this news, Puma’s share price fell $5.85, or 16.01%, to close at $30.70 on May 5, 2017.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) the company did not anticipate that the FDA would ultimately approve neratinib for the treatment of breast cancer; (ii) as such, Puma had overstated the drug’s approval prospects and/or commercial viability; and (iii) as a result, Puma’s public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than July 7, 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 info@ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com