Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Athenex, Inc.
NEW YORK, March 4, 2021 (GLOBE NEWSWIRE) – Bernstein Liebhard, a nationally recognized investor rights law firm, announces that a class action lawsuit has been filed on behalf of investors who have bought or acquired Athenex, Inc. securities. “Athenex” or the “Company”) (NASDAQ: ATNX) from August 7, 2019 to February 26, 2021 (the “Class Period”). The lawsuit in the US District Court for the Western District of New York alleges violations of the Securities Exchange Act of 1934.
If you Purchased Athenex securities and / or wish to discuss your statutory rights and options Please visit Athenex Shareholder’s class action lawsuit or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that throughout the teaching period, defendants made materially false and / or misleading statements and did not provide investors with anything: (i) The data included in the oral paclitaxel plus encequidar NDA presented a patient safety risk and an increase of neutropenia-related consequences; (ii) the uncertainty about the results of the BICR-conducted primary endpoint of the objective response rate (ORR) at week 19; (iii) the BICR reconciliation and rereading process may have resulted in unmeasured bias and impact on the BICR; (iv) that the Company’s Phase 3 study used to submit the NDA was inadequate and poorly conducted in a metastatic breast cancer patient population representative of the US population, so the FDA issued a new one would recommend such clinical trial; (v) As a result, it was foreseeable that the FDA would not approve the Company’s NDA in its current form. and (vi) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
Prior to opening March 1, 2021, Athenex issued a press release entitled “Athenex Receives FDA Full Response Letter for Oral Paclitaxel Plus Encequidar for the Treatment of Metastatic Breast Cancer”. The publication provided that “[i]In the CRL, the FDA indicated that the patient safety risk of an increase in neutropenia-related sequelae in the oral paclitaxel arm compared to the intravenous paclitaxel arm is of concern. The publication also revealed that the “[t]he [FDA] stated that the BICR reconciliation and rereading process may have resulted in unmeasured bias and impact on the BICR. Finally, the company stated that the FDA “has recommended Athenex to conduct a new adequate and well-performed clinical trial in a patient population with metastatic breast cancer representative of the US population.”
In that news, Athenex shares fell from their February 26, 2021 closing price of $ 12.10 per share to a March 1, 2021 closing price of just $ 5.46 each. This represents a drop of around 55% in one day, representing a loss in market capitalization of hundreds of millions of dollars.
If you want to serve as the lead plaintiff, you must transfer the court no later than May 3, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you Purchased Athenex securities and / or wish to discuss your statutory rights and options Please visit https://www.bernlieb.com/cases/athenexinc-atnx-shareholder-class-action-lawsuit-fraud-stock-372/apply/ or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has collected more than $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to monitor their assets and litigate on their behalf. Because of its litigation success with hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s “Hot List” thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this Connecticut state complaint is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP