Cases
Tokai Pharmaceuticals, Inc. (NASDAQ: TKAI)
Securities Class Action
Overview
Overview
- Date:
- 8/2/2016
- Company Name:
- Tokai Pharmaceuticals, Inc.
- Stock Symbol:
- TKAI
- Class Period:
- FROM 6/24/2015 TO 7/25/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, August 2, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who acquired Tokai Pharmaceuticals, Inc. (NASDAQ: TKAI) securities between June 24, 2015 and July 25, 2016 (the “Class Period”).
Tokai is a biopharmaceutical company focused on developing and commercializing innovative therapies for prostate cancer and other hormonally-driven diseases. The company’s lead drug candidate is galeterone, an oral small molecule that was, at all relevant times, in various clinical trials for the treatment of patients with metastatic castration-resistant prostate cancer.
The lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) there were significant structural problems with the trial design for Tokai’s pivotal Phase 3 galeterone study, ARMOR3-SV; (ii) consequently, ARMOR3-SV was unlikely to succeed in meeting its primary endpoint; (iii) as a result, commercialization of galeterone was less likely and/or imminent than Tokai had led investors to believe; and (iv) as a result of the foregoing, the company’s financial statements, as well as Defendants’ statements about Tokai’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On November 2, 2015, Richard Pearson published an article on the investment website Seeking Alpha, entitled “What’s Wrong With Tokai Pharmaceuticals?”. Pearson's report described structural problems with the design of the company’s ARMOR3-SV trial.
On this news, Tokai’s share price fell $0.07, or 0.63%, to close at $10.98 on November 2, 2015.
On July 26, 2016, Tokai announced plans “to discontinue the ARMOR3-SV clinical trial, our pivotal Phase 3 study” of galeterone.
On this news, Tokai’s share price plummeted by $4.10, or nearly 79%, to close at $1.10 on July 26, 2016.
If you acquired Tokai securities during the Class Period, have information or 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 Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
Tokai is a biopharmaceutical company focused on developing and commercializing innovative therapies for prostate cancer and other hormonally-driven diseases. The company’s lead drug candidate is galeterone, an oral small molecule that was, at all relevant times, in various clinical trials for the treatment of patients with metastatic castration-resistant prostate cancer.
The lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) there were significant structural problems with the trial design for Tokai’s pivotal Phase 3 galeterone study, ARMOR3-SV; (ii) consequently, ARMOR3-SV was unlikely to succeed in meeting its primary endpoint; (iii) as a result, commercialization of galeterone was less likely and/or imminent than Tokai had led investors to believe; and (iv) as a result of the foregoing, the company’s financial statements, as well as Defendants’ statements about Tokai’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On November 2, 2015, Richard Pearson published an article on the investment website Seeking Alpha, entitled “What’s Wrong With Tokai Pharmaceuticals?”. Pearson's report described structural problems with the design of the company’s ARMOR3-SV trial.
On this news, Tokai’s share price fell $0.07, or 0.63%, to close at $10.98 on November 2, 2015.
On July 26, 2016, Tokai announced plans “to discontinue the ARMOR3-SV clinical trial, our pivotal Phase 3 study” of galeterone.
On this news, Tokai’s share price plummeted by $4.10, or nearly 79%, to close at $1.10 on July 26, 2016.
If you acquired Tokai securities during the Class Period, have information or 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 Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.