RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against TESARO, Inc. (Nasdaq: TSRO) (“TESARO” or the “Company”) on behalf of purchasers of the Company’s securities between March 14, 2016 and January 12, 2018, inclusive (the “Class Period”).
TESARO shareholders who purchased securities during the Class Period may, no later than March 19, 2018, seek to be appointed as a lead plaintiff representative of the class.
Shareholders who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys D. Seamus Kaskela or Adrienne Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/TESARO-inc#join.
TESARO is an oncology-focused biopharmaceutical company that identifies, acquires, develops, and commercializes cancer therapeutics and oncology supportive care products. TESARO’s product portfolio includes Varubi (rolapitant), a neurokinin-1 receptor antagonist for the prevention of chemotherapy induced nausea and vomiting.
As detailed in the complaint, on January 12, 2018, TESARO disclosed to investors that it had updated the U.S. labeling for the intravenous formulation of Varubi after receiving reports of “[a]naphylaxis, anaphylactic shock and other serious hypersensitivity reactions in the post-marketing setting, some requiring hospitalization.”
Following this news, shares of TESARO’s common stock fell $4.07 per share, or over 5.8%, to close on January 16, 2016 at $65.52, on heavy trading volume.
The shareholder class action complaint alleges that, during the Class Period, TESARO and certain of the Company’s executive officers made false and misleading statements and/or failed to disclose to investors that: (i) substantial undisclosed health risks, including anaphylaxis and anaphylactic shock, were associated with TESARO’s intravenous formulation of Varubi; and (ii) that as a result of the foregoing, TESARO’s shares traded at artificially inflated prices during the Class Period.
TESARO shareholders may, no later than March 19, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.