NEW YORK, Dec. 27, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Seattle Genetics, Inc. ("Seattle Genetics" or the "Company") (NASDAQ: SGEN).
The investigation focuses on whether the Company and its executives violated federal securities laws.
Specifically, on December 27, 2016, the Company announced that the U.S. Food and Drug Administration had placed a clinical hold on several early stage trials of the Company's experimental cancer drug, vadastuximab talirine. The clinical holds were initiated to evaluate the potential risk of hepatotoxicity in patients treated with the drug. Seattle Genetics revealed that six acute myeloid leukemia patients had been identified with liver toxicity and that four had died.
On this news, Seattle Genetics' share price fell from $61.86 per share on December 23, 2016 to a closing price of $52.36 on December 27, 2016—a $9.50 or a 15.36% drop.
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If you invested in Seattle Genetics stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/SGEN. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Seattle Genetics's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Telephone: (877) 247-4292 or (212) 983-9330
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