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 Y-mAbs Therapeutics, Inc. (“Y-mAbs” or the “Company”) (NASDAQ: YMAB) common stock between October 6, 2020 and October 28, 2022, inclusive (the “Class Period”). Y-mAbs investors have until March 20, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On April 1, 2022, the Company announced that it had resubmitted its Biologics License Application (“BLA”) for omburtamab for the treatment of pediatric patients with CNS from neuroblastoma, following several meetings with the U.S. Food and Drug Administration (“FDA”) to address deficiencies identified in the agency’s 2020 refusal to file letter in response to Y-mAbs’s previous BLA.
On October 26, 2022, the FDA released its briefing document in advance of its Advisory Committee meeting to discuss the omburtamab BLA. The briefing document identified three key issues regarding the submitted data, which led analysts to conclude that Y-mAbs had resubmitted the BLA prior to reaching agreement with the FDA regarding the content of the application.
On this news, Y-mAbs’s stock price fell $4.16, or 27.4%, to close at $11.01 per share on October 26, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants misrepresented to investors that, pursuant to a series of meetings and other communications between the Company and the FDA, that progress was being made that would align with the FDA’s requirement to demonstrate substantial evidence of effectiveness, sufficient for approval of omurtamab, through adequate and well-controlled studies.
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If you purchased Y-mAbs stock during the Class Period, you may move the Court no later than March 20, 2023 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 Y-mAbs stock, 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 email@example.com, 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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