The investigation concerns whether Infinity and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On June 14, 2016, pre-market, Infinity announced a restructuring that would reduce its workforce by 21% in the wake of disappointing drug-study results. While a Phase 2 study of its treatment for non-Hodgkin lymphoma met its primary endpoint of overall response rate, the Company said it hoped it would provide a larger clinical benefit.
On this news, Infinity's stock has fallen as much as $3.04, or nearly 69%, during intraday trading on June 14, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP