SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased the securities of Endocyte, Inc. (“Endocyte” or the “Company”) (NasdaqGS: ECYT) between March 21, 2014 and May 2, 2014, inclusive (the “Class Period”).
If you purchased Endocyte securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than August 25, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Endocyte investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1 800-541-7358.
Background on the Endocyte Securities Class Litigation
The actions charge Endocyte and its Chief Executive Officer with violations of the Securities Exchange Act of 1934. Endocyte, headquartered in Indiana, develops targeted small molecule drug conjugates (“SMDCs”) and companion imaging agents for personalized therapy in cancer and other serious diseases. The Company’s primary SMDC candidate is VYNFINIT®.
The actions allege that during the Class Period, Endocyte issued materially false and misleading statements regarding its business prospects. On March 21, 2014, Endocyte announced that the Committee for Medicinal Products for Human Use of the European Medicines Agency had issued “positive opinions” for the Conditional Marketing Authorisations or the drug VYNFINIT® in the treatment of platinum-resistant ovarian cancer (“PROC”). Endocyte failed to disclose that the “positive opinions” were based on testing criteria called RECIST 1.0 while the pending analysis for the Conditional Marketing Authorisations would be using the more stringent RECIST 1.1 testing criteria. Following its misleading announcement, the price of Endocyte shares nearly doubled in price and Endocyte conducted a public share offering to quickly sell shares at the inflated price.
On May 2, 2014, Endocyte announced that the independent Data Safety Monitoring Board of the Phase 3 PROCEED Study of VYNFINIT® had recommended that the clinical trial be stopped because the drug did not demonstrate efficacy on Progression-Free Survival in patients with PROC. The Company also announced that screening and randomization of participants in the trial would be suspended. On this news, the price of Endocyte shares dropped $10.76 per share, or 61.19% from a previous closing price of $17.38 on May 1, 2014, to close at $6.62 per share on May 2, 2014, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation's top plaintiffs’ law firms for eleven years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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