LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Summit Therapeutics Inc. (“Summit” or “the Company”) (NASDAQ: SMMT) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Summit disclosed in an SEC filing on September 21, 2021, that it "received feedback from the United States Food and Drug Administration (the ‘FDA') that the FDA does not agree with the change to the primary endpoint that Summit proposed and has subsequently implemented in its ongoing Phase III Ri-CoDIFy studies [evaluating the Company's investigational new drug ridinilazole] when combining the studies." The Company’s shares dropped by more than 20% on September 22, 2021, based on this news. The Company announced via a press release on December 20, 2021, that "ridinilazole resulted in a higher observed SCR rate than vancomycin but did not meet the study's primary endpoint for superiority." Based on this news, shares of Summit fell by almost 48%.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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