NEW YORK, June 12, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Puma Biotechnology, Inc. (“Puma” or the “Company”) (NYSE:PBYI). The class action, filed in United States District Court for the Central District of California, is on behalf of a class consisting of all persons or entities who purchased Puma securities between July 23, 2014 and May 13, 2015 inclusive (the “Class Period”).
Wolf Haldenstein encourages all shareholders who suffered losses on securities purchased within the Class Period to contact us immediately at classmember@whafh.com or (800) 575-0735.
The action alleges that the Company and its executives violated federal securities laws during the Class Period by failing to disclose that (1) the Company's New Drug Application (NDA) filing for neratinib would be purposed toward a positive early stage breast cancer indication as opposed to the previously announced metastatic breast cancer; (2) the Company will need to submit additional safety data from preclinical carcinogenicity studies with its NDA filing, which the Company does not possess; (3) the required additional studies would push the timeline for filing the NDA into at least the first quarter of 2016; and (4) the Company overstated results from its Phase III ExteNET Trial.
On December 2, 2014 Puma Biotech announced that it intends to delay its proposed timeline for filing the NDA until the first quarter of 2016. On this news, shares of Puma Biotech fell $27.33 per share, or over 12%, to close at$197.67 per share on December 3, 2014.
Subsequently, according to a Bloomberg report dated May 13, 2015, Puma Biotech's breast-cancer drug neratinib provided disappointing results in its clinical trials. The rate of disease-free survival with neratinib, at 93.9 percent, was 2.3 percentage points higher than with the placebo, while investors had expected at least a 3 percent improvement. The news caused Puma Biotech's shares to decline 18.6%, closing at a price of $170.67 on May 14, 2015.
If you purchased Puma securities on a U.S. exchange during the Class Period, you may, no later than August 3, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all 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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website www.whafh.com. All e-mail correspondence should make reference to the “Puma Investigation.”
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