STEVENSON, Md., Aug. 18, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Indiana on behalf of purchasers of Endocyte, Inc. ("Endocyte" or the "Company") (Nasdaq:ECYT) common stock during the period between March 21, 2014 and May 2, 2014, inclusive (the "Class Period"), and informs investors who wish to become proactively involved in the litigation that they have until August 25, 2014 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Endocyte common stock purchased on or after March 21, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 25, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency's "positive opinions" for the "Conditional Marketing Authorisations" for the drug VYNFINIT®, used to treat platinum-resistant ovarian cancer ("PROC") with VYNFINIT® using testing methods known as response evaluation criteria in solid tumors ("RECIST") were based on the testing criteria called RECIST 1.0 while the pending analysis for the "Conditional Marketing Authorisations" would be using the more stringent RECIST 1.1 testing criteria. According to the complaint, following the Company's May 2, 2014 announcement that VYNFINIT® was found ineffective in the treatment of PROC based on RECIST 1.1, the value of Endocyte shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.