SAN DIEGO, January 28, 2023 /PRNewswire/ — The law firm of Robbins Geller Rudmann & Dowd LLP announces that purchasers of common stock of Y-mAbs Therapeutics, Inc. (NASDAQ: YMAB) in the open market, or pursuant to registration statements filed with the United States Securities and Exchange Commission (“SEC”) , Between October 6, 2020 and October 28, 2022inclusively (the “Class Period”) have until March 20, 2023 to request an appointment as lead applicant. Subtitle Corwin v Y-mAbs Therapeutics, Inc.no. 23-cv-00431 (SDNY), the Y-mAbs The class action accuses Y-mAbs and some of its top executives of violating the Securities Exchange Act of 1934.
If you have suffered substantial losses and wish to act as the lead plaintiff of the Y-mAbs class action, please provide your information here:
https://www.rgrdlaw.com/cases-y-mabs-therapeutics-inc-class-action-lawsuit-ymab.html
You can also contact the lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing [email protected].
CASE ALLEGATIONS: Y-mAbs is a biopharmaceutical company focused on the development and commercialization of novel antibody-based therapeutics for the treatment of cancer. Specifically, Y-mAbs is developing omburtamab, which is being studied for the treatment of central nervous system neuroblastoma or leptomeninges in pediatric patients.
The Y-mAbs The class action alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Y-mAbs misrepresented the will of the Food and United States Drug Administration (“FDA”) to approve omburtamab for marketing based on existing clinical trials; (ii) Y-mAbs misrepresented that progress was being made that would align with FDA requirements to demonstrate substantial evidence of efficacy, sufficient for omburtamab approval, through adequate studies and well controlled; and (iii) the FDA had repeatedly advised Y-mAbs that it was unlikely to clear omburtamab for sale.
At October 26, 2022the FDA has released its disclosure documents for a October 28, 2022 Advisory Committee (“AdCom”) meeting, which identified key issues with the Omburtamab application of Y-mAbs. At this news, Y-mAbs’ stock price fell more than 27%.
Then, on October 28, 2022, Y-mAbs disclosed to investors that the AdCom voted 16 to 0 to deny the application and that Y-mAbs did not provide sufficient evidence to conclude that Omburtamab improved overall survival. At this news, Y-mAbs’ stock price fell nearly 60%, further hurting investors.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased common stock of Y-mAbs on the open market, or pursuant to registration statements filed with the SEC, during the Class Period, to seek appointment as lead applicant in the Y-mAbs class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the relief sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the Y–mAbs class action. The main plaintiff can select a law firm of his choice to plead Y–mAbs class action. An investor’s ability to participate in any potential future takeover does not depend on its status as the lead claimant of the Y–mAbs class action.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked #1 in the most recent ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other company from the plaintiffs. With 200 attorneys in 9 offices, Robbins Geller is one of the largest plaintiffs firms in the world, and the firm’s attorneys have secured many of the largest securities class action recoveries in history, including the largest securities class action collection never realized – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit the following page for more information:
https://www.rgrdlaw.com/services-litige-securities-fraud.html
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Contact:
Robbins Geller Rudmann & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, California 92101
JC Sanchez, 800-449-4900
[email protected]
SOURCE Robbins Geller Rudman & Dowd LLP
