NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Puma Biotechnology, Inc. (“Puma Biotechnology” or the “Company”) (NASDAQ:PBYI).
The investigation focuses on whether the Company and its executives violated federal securities laws. Specifically, on May 5, 2017, the Company disclosed the resignation of the Company's Senior Vice President, citing “health reasons.” Dr. Charnas’s resignation will be effective as of May 15, 2017, nine days before the U.S. Food and Drug Administration’s scheduled review of Puma’s breast cancer drug neratinib on May 24, 2017.
After the announcement, Puma Biotechnology’s share price fell from $36.55 per share on May 4, 2017 to $29.85 during intraday trading on May 5, 2017—a $6.70 or a 18.08% drop.
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