NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against Tesaro Incorporated (“Tesaro” or the “Company”) (NASDAQ: TSRO) and certain of its officers. The class action, filed in United States District Court, for the District of Massachusetts, and docketed under 18-cv-10086, is on behalf of a class consisting of investors who purchased or otherwise acquired the securities of Tesaro between March 14, 2016 and January 12, 2018, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Tesaro securities between March 14, 2016, and January 12, 2018, both dates inclusive, you have until March 19, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and quantity of shares purchased.
Tesaro is an oncology-focused biopharmaceutical company that identifies, acquires, develops, and commercializes cancer therapeutics and oncology supportive care products in the United States.
At all relevant times, Tesaro’s product portfolio has included Varubi (rolapitant), a neurokinin-1 (NK-1) receptor antagonist for the prevention of chemotherapy induced nausea and vomiting. In 2015, the U.S. Food and Drug Administration (“FDA”) approved an oral version of Varubi. On March 14, 2016, Tesaro announced the submission of a New Drug Application for an intravenous formulation of Varubi to the FDA. On October 25, 2017, Tesaro announced the FDA’s approval of its intravenous version of Varubi.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) substantial undisclosed health risks, including anaphylaxis and anaphylactic shock, were associated with Tesaro’s intravenous formulation of Varubi; and (ii) as a result of the foregoing, Tesaro’s shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
On January 12, 2018, post-market, Tesaro announced 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.” The Company further stated that it “has issued a Dear Healthcare Professional (DHCP) letter.”
On this news, Tesaro’s share price fell $4.07 or 5.85%, to close at $65.52 on January 16, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.