LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the March 13, 2017 deadline to file a lead plaintiff motion in the class action filed by GPM on behalf of a class (the “Class”) of investors who purchased Seattle Genetics, Inc. (“Seattle Genetics” or the “Company”) (NASDAQ: SGEN) securities between October 27, 2016 and December 23, 2016, inclusive (the “Class Period”). Seattle Genetics investors have until March 13, 2017 to file a lead plaintiff motion.
Seattle Genetics is a biotechnology company that develops and commercializes targeted therapies for the treatment of cancer.
On December 27, 2016, Seattle Genetics disclosed that the U.S. Food and Drug Administration (“FDA”) had placed a clinical hold or partial clinical hold on the Company's experimental cancer drug, vadastuximab talirine. The purpose of the hold, according to the FDA, was to evaluate the risk of hepatotoxicity. Seattle Genetics stated that six acute myeloid leukemia patients had been identified with liver toxicity and that four had died. On this news, shares of Seattle Genetics fell over 16% on December 27, 2016.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, 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 purchased or otherwise acquired Seattle Genetics during the Class Period you may move the Court no later than March 13, 2017 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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