NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against CytomX Therapeutics, Inc. ("CytomX" or "the Company") (NYSE: CTMX) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired CytomX securities between May 17, 2018, and May 13, 2020, inclusive (the ''Class Period''). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/ctmx.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) CytomX had downplayed issues with CX-072’s efficacy observed in the PROCLAIM-CX-072 clinical program; (2) 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.
On May 13, 2020, CytomX made available abstracts for the Company’s clinical presentations for CX-072, an PD-L1 inhibitor, and CX-2009, an antibody-drug conjugate. Results from CytomX’s Phase 2 study evaluating CX-072 in patients with solid tumors showed a response rate of 8.8%, compared to a response rate of 18.5% in patients receiving the combination of CX-072 and Bristol Myers Squibb’s Yervoy (ipilimumab). Meanwhile, results from CytomX’s Phase 1/2 study evaluating CX-2009 in patients with solid tumors showed “evidence” of clinical activity at doses at least 4 mg/kg 3x/week, yet the data suggest a significantly higher rate of serious or greater treatment-related toxicity to the eyes at dose equivalents at least 8 mg/kg 3x/week. Following the release of the foregoing data, CytomX’s stock price fell sharply during intraday trading on May 14, 2020.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/ctmx or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in CytomX you have until July 20, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.