NEW YORK, Jan. 11, 2017
NEW YORK, Jan. 11, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Seattle Genetics, Inc. ("Seattle Genetics" or the "Company") (NASDAQ: SGEN) and certain of its officers, and is on behalf of a class consisting of all persons or entities who purchased Seattle Genetics securities between October 27, 2016 through December 23, 2016, both dates inclusive (the "Class Period"). Such investors are advised to join this case by visiting the firm's site: http://www.bgandg.com/sgen.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
Seattle Genetics is a biotechnology company focused on developing and commercializing innovative, empowered monoclonal antibody-based therapies for the treatment of cancer. One of the Company's leading products in development is SGN-CD33A (vadastuximab talirine). Throughout the Class Period, vadastuximab talirine was in clinical trials for various applications, including: (1) a Phase 1/2 trial in patients with acute myeloid leukemia (AML) as a pre-conditioning regimen prior to an allogenic stem cell transplant and as a maintenance therapy following transplant; (2) a Phase 1 trial evaluating vadastuximab talirine monotherapy, including a subset of older AML patients in combination with hypomethylating agents; and (3) a Phase 1 trial evaluating vadastuximab talirine combination treatment with 7+3 chemotherapy in newly diagnosed younger AML patients.
The Complaint that 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' cancer drugs, presents a serious 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) consequently, 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 revealed that the U.S. Food and Drug Administration ("FDA") had placed a clinical hold or partial clinical hold on some early stage trials of vadastuximab talirine, its experimental cancer drug, to evaluate the potential risk of hepatotoxicity. Seattle Genetics affirmed that six acute myeloid leukemia patients had been identified with liver toxicity and that four had died. Following this news, Seattle Genetics stock dropped $9.50 per share, or 15.36%, to close at $52.36 on December 27, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/sgen or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Seattle Genetics you have until March 13, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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SOURCE Bronstein, Gewirtz & Grossman, LLC