Cases
Seattle Genetics, Inc. (NASDAQ: SGEN)
Securities Class Action
Overview
Overview
- Date:
- 1/13/2017
- Company Name:
- Seattle Genetics, Inc.
- Stock Symbol:
- SGEN
- Class Period:
- FROM 10/27/2016 TO 12/23/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Disrtict of Western Washington
NEW YORK, January 13, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Washington Western District Court on behalf of all persons or entities who acquired Seattle Genetics, Inc. (NASDAQ: SGEN) securities between October 27, 2016 and December 23, 2016 (the “Class Period”).
According to the Complaint, during the Class Period, defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) vadastuximab talirine, used as a cancer drug, holds a serious risk of fatal hepatotoxicity; and (2) because of this, Seattle Genetics had exaggerated the use of vadastuximab talirine to treat acute myeloid leukemia. As a result, the Company’s public statements about Seattle Genetics’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
The Complaint further alleges that Seattle Genetics showed that the U.S. Food and Drug Administration had issued a clinical stop on initial stage trials of the Company's experimental cancer drug, vadastuximab talirine, to assess any potential outcome of hepatotoxicity. Seattle Genetics disclosed that six acute myeloid leukemia patients had liver toxicity and that four had died.
If you acquired Seattle Genetics 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.
According to the Complaint, during the Class Period, defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) vadastuximab talirine, used as a cancer drug, holds a serious risk of fatal hepatotoxicity; and (2) because of this, Seattle Genetics had exaggerated the use of vadastuximab talirine to treat acute myeloid leukemia. As a result, the Company’s public statements about Seattle Genetics’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
The Complaint further alleges that Seattle Genetics showed that the U.S. Food and Drug Administration had issued a clinical stop on initial stage trials of the Company's experimental cancer drug, vadastuximab talirine, to assess any potential outcome of hepatotoxicity. Seattle Genetics disclosed that six acute myeloid leukemia patients had liver toxicity and that four had died.
If you acquired Seattle Genetics 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.