LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired CytomX Therapeutics, Inc. (“CytomX” or the “Company”) (NASDAQ: CTMX) securities between May 17, 2018, and May 13, 2020, inclusive (the “Class Period”). CytomX investors have until July 20, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On May 13, 2020, the Company made available abstracts for the Company’s clinical presentations for CX-072 and CX-2009. Results from the PROCLAIM-CX-072 clinical program revealed a response rate of 8.8%, compared to a response rate of 18.5% in patients receiving the combination of CX-072 and ipilimumab. Meanwhile, results from the PROCLAIM-CX-2009 clinical program showed “evidence” of clinical activity at doses at least 4 mg/kg 3x/week, but also suggested a significantly higher rate of serious or greater treatment-related toxicity to the eyes at dose equivalents at least 8 mg/kg 3x/week.
On this news, the Company’s share price fell $5.21 per share, or over 36%, to close at $9.23 per share on May 14, 2020, thereby injuring investors.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) that CytomX had downplayed issues with CX-072’s efficacy observed in the PROCLAIM-CX-072 clinical program; (2) that CytomX had similarly downplayed issues with CX-2009’s efficacy and safety observed in the PROCLAIM-CX-2009 clinical program; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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If you purchased CytomX securities during the Class Period, you may move the Court no later than July 20, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased CytomX securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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