NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Stemline Therapeutics, Inc. (NASDAQ: STML) securities between January 19, 2017 and February 1, 2017 (the “Class Period”).
The Complaint alleges that on January 20, 2017, Stemline announced the price of its secondary public offering (the “Secondary Public Offering”) of 4.5 million shares of its common stock at $10.00 per share, with expected gross proceeds of $45 million. Stemline filed a prospectus supplement (the “Prospectus”) with the U.S. Securities and Exchange Commission for the Secondary Public Offering that detailed that, one of the Company’s clinical stage product candidates, SL-401’s safety profile “has continued to remain predicable and manageable over increasing treatment duration, drug exposure, and patient experience.” The Prospectus also touted SL-401’s favorable clinical data. The Complaint alleges that Stemline officials failed to disclose that a cancer patient in one of its trials died from a severe side effect due to SL-401 on January 18, 2017, one day prior to the Company’s Secondary Public Offering.
On February 2, 2017, TheStreet.com revealed the death of the patient and Stemline later issued a press release entitled, “Stemline Therapeutics Provides Update on Pivotal BPDCN Trial,” confirming the death. Following this news, Stemline shares declined $4.15 per share, or over 42.5%, to close at $5.60 on February 2, 2017.
If you purchased or otherwise acquired Stemline securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact J. Brandon Walker, Esq. by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm, concentrating in commercial and securities litigation. For additional information concerning the Stemline lawsuit, please go to www.bespc.com/stemline. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.