NEW YORK--(BUSINESS WIRE)--Abraham, Fruchter & Twersky, LLP announces that it is investigating potential claims on behalf of investors who purchased shares of Stemline Therapeutics, Inc. (“Stemline”) (NASDAQ:STML) in a January 20, 2017 secondary public offering (the “Secondary Offering”).
On February 2, 2017, Bloomberg reported that on January 18, 2017 a cancer patient in a clinical trial died from a severe side effect tied to Stemline's drug SL-401, causing Stemline’s stock to decline by $4.15 per share, or more than 40%, to close at $5.60 per share. On January 20, 2017 – or only two days after the severe side effect -- Stemline sold 4.5 million shares of its common stock at $10.00 per share in the Secondary Offering for total proceeds of approximately $45 million. However, the facts relating to the patient’s death were not disclosed to investors who bought Stemline's stock in the Secondary Offering.
Abraham, Fruchter & Twersky, LLP is investigating a possible class action lawsuit to recover losses suffered by Stemline investors who purchased shares of Stemline between January 20, 2017 and February 1, 2017. If you are an investor who purchased Stemline stock during that period and wish to learn more about this matter, please contact Jeffrey S. Abraham at (212) 279-5050, or via e-mail at email@example.com or firstname.lastname@example.org for more information.
Abraham, Fruchter & Twersky, LLP is a litigation boutique headquartered in New York City and with an office in San Diego, California, representing individual and institutional investors in securities class actions and shareholder derivative litigation. For more information please visit www.aftlaw.com.
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