NEW YORK, June 25, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Indiana on behalf of a class (the "Class") comprising all purchasers of the common stock of Endocyte, Inc. ("Endocyte" or the "Company") (NASDAQ: ECYT) between March 21, 2014 and May 2, 2014, inclusive (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later than August 25, 2014. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Tripp Levy PLLC via e-mail at email@example.com or call us toll free at 1-800-511-7037 or visit our website at www.tripplevy.com. Any member of the putative 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.
Endocyte is a biopharmaceutical company engaged in the development of targeted therapies for the treatment of cancer and inflammatory diseases in the United States. 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, on May 2, 2014, 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.
Plaintiffs seek to recover damages on behalf of all purchasers of Endocyte publicly traded securities during the Class Period (the "Class"). Tripp Levy PLLC is a leading national securities and shareholder rights law firm with offices across the country representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.
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