NEW YORK, April 06, 2021 (GLOBE NEWSWIRE) — Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Athenex, Inc. (“Athenex” or the “Company”) (NASDAQ: ATNX) from August 7, 2019 through February 26, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Western District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Athenex securities, and/or would like to discuss your legal rights and options please visit Athenex Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]
The complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose to investors: (i) the data included in the Oral Paclitaxel plus Encequidar NDA presented a safety risk to patients in terms of an increase in neutropenia-related sequalae; (ii) the uncertainty over the results of the primary endpoint of objective response rate (ORR) at week 19 conducted by BICR; (iii) the BICR reconciliation and re-read process may have introduced unmeasured bias and influence on the BICR; (iv) that the Company’s Phase 3 study that was used to file the NDA was inadequate and not well-conducted in a patient population with metastatic breast cancer representative of the U.S population, such that the FDA would recommend a new such clinical trial; (v) as a result, it was foreseeable that the FDA would not approve the Company’s NDA in its current form; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Before the markets opened on March 1, 2021, Athenex issued a press release entitled “Athenex Receives FDA Complete Response Letter for Oral Paclitaxel Plus Encequidar for the Treatment of Metastatic Breast Cancer.” The release provided that “[i]n the CRL, the FDA indicated its concern of safety risk to patients in terms of an increase in neutropenia-related sequalae in the Oral Paclitaxel arm compared with the IV paclitaxel arm. The release also disclosed that the “[t]he [FDA] stated that the BICR reconciliation and re-read process may have introduced unmeasured bias and influence on the BICR.” Finally, the Company stated that the FDA “recommended that Athenex conduct a new adequate and well-conducted clinical trial in a patient population with metastatic breast cancer representative of the population of the U.S.”
On this news, the price of Athenex’s shares plummeted from their February 26, 2021 closing price of $12.10 per share to a March 1, 2021 close of just $5.46 each. This represents a one-day drop of approximately 55%, representing hundreds of millions of dollars in lost market capitalization.
If you wish to serve as lead plaintiff, you must move the Court no later than May 3, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Athenex securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/athenexinc-atnx-shareholder-class-action-lawsuit-fraud-stock-372/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Matthew E. Guarnero
Bernstein Liebhard LLP