NEW YORK, June 25, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in United States District Court for the Southern District of Indiana against Endocyte, Inc. ("Endocyte" or the "Company") (Nasdaq:ECYT) and certain of its officers. The class action is on behalf of all persons or entities who purchased or otherwise acquired Endocyte securities between March 21, 2014 and May 2, 2014, inclusive (the "Class Period").
The class action alleges that Endocyte and certain of its officers and/or directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you purchased Endocyte securities during the Class Period, you may, no later than August 25, 2014 request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you have purchased shares of Endocyte and want more information about the Endocyte investigation please contact George Pressly, Esq. at 1(800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com
The Complaint alleges that the defendants issued misleading statements during the Class Period regarding the efficacy of Endocyte's experimental drug, VYNFINIT®, and misrepresented or failed to disclose material information concerning the Company's business and financial prospects.
On May 2, 2014, Endocyte disclosed that VYNFINIT® was found ineffective in the treatment of platinum-resistant ovarian cancer, based on certain testing methods known as response evaluation criteria in solid tumors, or "RECIST." Following this news, the price of Endocyte stock dropped approximately 61% from the previous day's closing price, to close at $6.62 per share on May 2, 2014, on unusually heavy trading volume. The Company subsequently announced that it would withdraw its application to market VYNFINIT® in Europe.
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