Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Athenex, Inc. (ATNX)
BENSALEM, Pa .– (BUSINESS WIRE) – Howard G. Smith’s law firms are reminding investors of the upcoming May 3, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors, Athenex, Inc. (“Athenex” or the “Company”). (NASDAQ: ATNX) common stock between August 7, 2019 and February 26, 2021, inclusive (the “Class Period”).
Investors suffering losses on their Athenex investments are requested to contact the Howard G. Smith law firms to exercise their statutory rights in this class action at 888-638-4847 or email email@example.com to discuss.
On March 1, 2021, before the market opened, Athenex announced that it had received a full response letter (“CRL”) from the FDA stating that the NDA in its current form would not be approved. According to the CRL, the FDA stated that the safety risk to patients of an increase in neutropenia-related sequelae was worrying for the oral paclitaxel arm compared to the intravenous paclitaxel arm. The company said the FDA also raised concerns about the uncertainty about the results of the primary endpoint of the objective response rate (ORR) at week 19, conducted by a blinded independent central review (BICR). [because] The BICR reconciliation and re-reading process may have resulted in unmeasured bias and impact on the BICR. “As a result, the FDA recommended Athenex to conduct additional clinical trials and use certain risk reduction strategies to improve toxicity.
In that news, the company’s share price fell $ 6.64, or 55%, to close at $ 5.46 per share on March 1, 2021, hurting investors.
The complaint filed in this class action alleges that throughout the collection period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, business and prospects of the company. In particular, Defendants have failed to advise investors that: (1) the data contained in the NDA for Oral Paclitaxel plus Encequidar posed a patient safety risk for an increase in neutropenia-related sequelae; (2) the uncertainty about the results of the BICR-conducted primary endpoint of the objective response rate (ORR) at week 19; (3) The BICR reconciliation and re-reading process may have resulted in an unmeasured bias and impact on the BICR. (4) The company’s Phase 3 study used to submit the NDA was inadequate and did not perform well in a metastatic breast cancer patient population representative of the US population, so the FDA issued a new one clinical trial would recommend. (5) As a result, it was foreseeable that the FDA would not approve the company’s NDA in its current form. and (6) as a result, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and / or were unfounded at all relevant times.
If you have purchased or otherwise acquired common stock of Athenex during the class period, you may request the court to appoint you as a lead plaintiff no later than May 3, 2021 if you meet certain legal requirements. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action lawsuit, or if you have any questions about this announcement or your rights or interests in relation to these matters, please contact Howard G. Smith, Esquire, of the law firms of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by phone at (215) 638-4847, toll free at (888) 638-4847, or by email at firstname.lastname@example.org, or visit our website at www.howardsmithlaw .com.
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