NEW ORLEANS, February 3, 2023 /PRNewswire/ — Kahn Swick & Foti, LLC (“KSF”) and KSF Partner, former Attorney General of Louisiana, Charles C. Foti, Jr.remind investors that they have until March 20, 2023 to file lead plaintiff claims in a securities class action lawsuit against Y-mAbs Therapeutics, Inc. (NasdaqGS: YMAB), if they purchased the company’s securities between October 6, 2020 and October 28, 2022, inclusive (the “Class Period”). This action is in progress in United States District Court for the Southern District of New York.
What you can do
If you have purchased securities of Y-mAbs and would like to discuss your legal rights and how this matter may affect you and your right to recover your economic loss, you may, at no obligation or cost to you, contact KSF managing partner, Lewis Kahn, toll-free. -toll free at 1-877-515-1850 or by email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-ymab/ to learn more. If you wish to act as lead plaintiff in this class action, you must submit a motion to the court in March 20, 2023.
About the trial
Y-mAbs and certain of its officers are accused of failing to disclose material information during the Class Period, in violation of federal securities laws.
At October 26, 2022the Food and Drug Administration (“FDA”) has released its briefing document for the upcoming Advisory Committee (“AdCom”) meeting, identifying key issues with the company’s application for Omburtamab, its lead product candidate, highlighting the company’s decision to resubmit the application on March 31, 2022 before reaching an agreement with the FDA on the content, and that the FDA had repeatedly raised its concerns in prior communications and meetings. On this news, shares of Y-mAbs fell by $4.16i.e. approximately 27.42%, of $15.17 close at $11.01 to October 26, 2022and fell by $2.16i.e. approximately 19.62%, of $11.01 per share to close at $8.85 to October 27, 2022.
Then, on October 28, 2022the company disclosed that the AdCom voted 16 to 0 that the company had failed to provide sufficient evidence to conclude that omburtamab improved overall survival, the same grounds for denial the company had previously been told in its its 2020 application. On this news, shares of Y-mAbs fell by $5.32 per share, or approximately 59.57%, of $8.93 close at $3.61 to October 31, 2022.
The case is Corwin v Y-mAbs Therapeutics, Inc., et al., No. 23-cv-00431.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s leading securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, fund managers and retail investors – in seeking recoveries for investment losses resulting from corporate fraud or malfeasance by listed companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you can visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis KahnManaging partner
1100 Poydras Street, Suite 3200
New Orleans, LA 70163
SOURCE Kahn Swick & Foti, LLC