SAN DIEGO, Jan. 21, 2017 /PRNewswire/ -- Johnson & Weaver, LLP announces that a class action complaint was filed on behalf of purchasers of Seattle Genetics, Inc., (NASDAQ: SGEN) securities during the period between October 27, 2016, and December 23, 2016, inclusive (the "Class Period"). Seattle Genetics, a biotechnology company, develops and commercializes targeted therapies for the treatment of cancer worldwide.
According to the complaint, throughout the Class Period defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) vadastuximab talirine, one of Seattle Genetics' products in development, presents a significant risk of fatal hepatotoxicity; (2) as such, Seattle Genetics had overstated the viability of vadastuximab talirine as a treatment for acute myeloid leukemia; and (3) as a result, defendants' public statements about Seattle Genetics' business, operations and prospects, were false and misleading and/or lacked a reasonable basis.
On December 27, 2016, Seattle Genetics issued a press release announcing that the U.S. Food and Drug Administration had placed a clinical hold or partial clinical hold on several early stage trials of the Company's experimental cancer drug, vadastuximab talirine, to evaluate the potential risk of hepatotoxicity. On this news, Seattle Genetics' share price fell $9.50, or 15% on December 27, 2016.
If you purchased Seattle Genetics securities during the Class Period, you have until March 13, 2017, to ask the Court to appoint you as Lead Plaintiff for the class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.
If you have suffered a loss, or if you have any questions concerning this notice, please contact lead analyst Jim Baker (jimb@johnsonandweaver.com) at 619-814-4471. If you email, please include your phone number.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
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SOURCE Johnson & Weaver, LLP
