Seattle Genetics investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Seattle Genetics develops and commercializes targeted therapies for the treatment of cancer worldwide. Among the company’s products in development is SGN-CD33A (vadastuximab talirine).
Seattle Genetics investors may receive additional information about the case by clicking the link "Join this Class Action" above.The Class Period commences on October 27, 2016, when Seattle Genetics issued a press release and filed a Current Report on Form 8-K with the SEC, wherein Seattle Genetics touted progress in the company’s early stage trials of vadastuximab talirine as an acute myeloid leukemia (“AML”) treatment, advising investors that Seattle Genetics would be presenting data at the 59th American Society of Hematology (“ASH”) Annual Meeting, billed on the ASH website as “the world’s most comprehensive hematology event of the year.”
According to the complaint, on December 27, 2016, Seattle Genetics issued a press release and filed a Current Report on Form 8-K with the SEC, announcing that the U.S. Food and Drug Administration (“FDA”) had placed a clinical hold or partial clinical hold on several early stage trials of the company’s experimental cancer drug, vadastuximab talirine, to evaluate the potential risk of hepatotoxicity.
Following this news, the share price fell $9.50, or 15.36 %, to close at $52.36 on December 27, 2016.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) vadastuximab talirine presents a significant risk of fatal hepatotoxicity; (ii) as such, Seattle Genetics had overstated the viability of vadastuximab talirine as an AML treatment; and (iii) as a result of the foregoing, Seattle Genetics’ 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 March 13, 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.
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