NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Kite Pharma, Inc. (“Kite” or the “Company”) (NASDAQ:KITE).
The investigation focuses on whether the Company and its executives violated federal securities laws. Specifically, during premarket on May 8, 2017, the Company filed its Form 10-Q with Securities and Exchange Commission disclosing the death of a cancer patient following treatment with the Company's lead product candidate, KTE-C19, a CAR-based therapy that targets the CD19 antigen. The Form 10-Q stated the relevant part: in April 2017, one of the Company’s patients “experienced multi-organ failure, and a neurologic event that subsequently progressed to a fatal grade 5 cerebral edema that was deemed related to axicabtagene ciloleucel [the United States adopted name for KTE-C19 is axicabtagene ciloleucel].”
On this news, the Company’s share price significantly declined, causing harm to investors.
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