BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Rain Oncology Inc. (“Rain” or the “Company”) (NASDAQ: RAIN) securities between July 20, 2021 and May 19, 2023, inclusive (the “Class Period”). Rain investors have until September 12, 2023 to file a lead plaintiff motion.
Investors suffering losses on their Rain investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On May 22, 2023, Rain announced the Phase 3 trial results of its antitumor drug, milademetan, revealing that the trial “did not meet its primary endpoint of progression free survival,” that “the results did not closely mirror prior clinical results” and that the Company would “re-evaluate the path forward for milademetan.”
On this news, Rain’s stock price fell $8.71, or 87.7%, to close at $1.22 per share on May 22, 2023, 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 failed to disclose to investors that: (1) the Company concealed risks inherent in the design of its Phase 3 MANTRA study particularly with regard to proceeding directly to Phase 3 from Phase 1; (2) as a result, the Company’s statements about the trial and the likelihood of FDA approval were materially misleading during the Class Period, and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Rain 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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