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PHILADELPHIA, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. announces that a class action lawsuit has been filed in United States District Court on behalf of purchasers of the common stock of MacroGenics, Inc. (“MacroGenics” or the “Company”) (NASDAQ: MGNX) during the period between February 6, 2019 and June 3, 2019, inclusive, (the “Class Period”).
The class action lawsuit seeks to recover damages and pursue remedies under the Securities Exchange Act of 1934 against MacroGenics and certain of the Company’s officers who, allegedly, made materially false and misleading statements during the Class Period.
If you purchased the securities of MacroGenics during the Class Period February 6, 2019 through June 3, 2019, both dates inclusive, and suffered financial losses, please click Join a Securities Class Action to participate in the lawsuit or contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, firstname.lastname@example.org, email@example.com, or John Kehoe, Esq., (215) 792-6676, Ext. 801, firstname.lastname@example.org, to learn more about the lawsuit or the securities investigation.
According to the complaint, MacroGenics, “a clinical stage biopharmaceutical company focused on the development of antibody-based therapeutics designed to control the human immune response for the treatment of cancer in the United States,” has a “pipeline of immune-oncology product candidates,” which “includes margetuximab, an investigational monoclonal antibody that targets the HER2 oncoprotein. HER2 is expressed by tumor cells in breast, gastroesophageal and other solid tumors.”
The complaint states that “[t]he SOPHIA study is a randomized, open-label Phase III clinical trial evaluating margetuximab plus chemotherapy compared to trastuzumab plus chemotherapy in patients with HER2-positive metastic breast cancer.”
Throughout the Class Period, the MacroGenics defendants, according to the complaint:
. . . violated the federal securities laws by disseminating false and misleading statements to the investing public and/or failing to disclose adverse facts pertaining to the Company’s Phase III SOPHIA trial. Specifically, defendants concealed material information and/or failed to disclose that: (a) the Company had conducted the PFS [“progression-free survival”] and first interim OS [“overall survival”] analyses for the SOPHIA trial by no later than October 10, 2018; (b) the October 2018 PFS analysis showed a 0.9 month improvement in PFS; and (c) the October 2018 OS interim analysis did not produce a statistically significant result and the interim OS Kaplan-Meier curves crossed in several spots (thereby violating the constant hazard assumption) and separated late. [Emphasis added.]
According to the lawsuit, the defendants’ conduct during the Class Period resulted in the common stock of MacroGenics to trade at artificially inflated prices, including at $25.60 per share on February 6, 2019.
On May 13, 2019, the American Society of Clinical Oncologists, according to the complaint, posted a SOPHIA study abstract on the Internet disclosing the October 2018 PFS analysis resulting in a 0.9 month improvement in progression-free survival.
On this news, the price of MacroGenics stock declined 7% to close at $16.25 per share on May 13, 2019.
On June 4, 2019, MacroGenics disclosed additional SOPHIA trial data which, according to the complaint, revealed that MacroGenics had conducted the PFS and OS analyses in October 2018, and the overall survival analyses for the SOPHIA trial demonstrated Kaplan-Meier curves crossing at several spots with late separation.
On this news, the price of MacroGenics stock declined 17% to close at $15.58 per share on June 4, 2019.
Kehoe Law Firm, P.C. , with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.