NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Infinity Pharmaceuticals, Inc. (“Infinity” or the “Company”) (NASDAQ: INFI) in the United States District Court for the District of Massachusetts on behalf of all persons and entities who purchased or otherwise acquired Infinity securities between January 5, 2022 and July 24, 2023, both dates inclusive (the “Class Period”). Investors have until October 16, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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For over a year, Defendants pushed the false narrative that Infinity’s flagship product, eganelisib, was proceeding apace in its clinical studies as a treatment for breast cancer. Specifically, Infinity touted two clinical studies: (1) MARIO-4, a randomized, double-blind Phase 3 study; and (2) MARIO-P, a platform study to evaluate additional combinations and indications where eganelisib might increase the effectiveness of available therapies.
Results were initially so promising that partners were being sought (and prospective partners were interested) to bring eganelisib to the next stage. Then, overnight, the promise vanished. A merger was announced with another pharmaceutical company, and breast cancer treatment wasn’t mentioned. It was as if neither MARIO-4 nor MARIO-P existed. The new entity would now focus on head and neck cancer. The stock market reaction was predictable. Investors fled in droves on staggering volume. The value of both proposed companies to the merger was half of cash on hand.
On July 24, 2023, Infinity announced that the merger had been terminated, because shareholders of the merging company voted against it. The next day, on July 25, 2023, Infinity announced a “Value Preservation and Maximization Plan”, whereby it was, among other things, terminating 78% of its workforce.
If you purchased or otherwise acquired Infinity shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.