NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors Puma Biotechnology, Inc. (“Puma Biotechnology” or the “Company”) (NASDAQ:PBYI) of the July 7, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Puma Biotechnology stock or options between February 29, 2016 and May 4, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/PBYI. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Puma Biotechnologies common stock between February 29, 2016 and May 4, 2017 (the “Class Period”). The case, Nadaskay v. Puma Biotechnology, Inc. et al, No. 2:17-cv-03455 was filed on May 8, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) the Company did not anticipate that the U.S. Food and Drug Administration (“FDA”) would ultimately approve PB272 (“neratinib”) for the treatment of breast cancer; (ii) as such, Puma Biotechnology had overstated the drug’s approval prospects and/or commercial viability; and (iii) as a result, Puma Biotechnology’s public statements were materially false and misleading at all relevant times.
Specifically, after market close on May 4, 2017, Puma Biotechnology disclosed the resignation of Dr. Robert Charnas (“Charnas”), the Company’s Senior Vice President, Regulatory Affairs, citing “health reasons.” Furthermore, Dr. Charnas’ resignation will be effective as of May 15, 2017, nine days before the FDA scheduled review of Puma’s breast cancer drug neratinib on May 24.
After the announcement, Puma Biotechnology’s share price fell from $36.55 per share on May 4, 2017 to a closing price of $30.70 per share on May 5, 2017 —a $5.85 or a 16.01% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Puma Biotechnology’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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