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Juno is a biopharmaceutical company that is developing cell-based cancer immunotherapies. Its leading product candidate is called JCAR015, which is currently in clinical trials.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: Defendants made misleading partial disclosures about JCAR015's safety and made public misrepresentations or failed to disclose material facts of the death of patients in its Phase 2 clinical trial.
In May 2016, a patient in the Phase 2 trial of JCAR015—dubbed the "ROCKET" trial by Juno—died of a cerebral edema, a form of neurotoxicity. In late June or early July, two more patients in the ROCKET trial died of cerebral edemas. This caused the FDA to issue a clinical hold and forced Defendants to reveal the truth, which they finally did on July 7, 2016, after the market closed. On this news, the Company's share price fell $13.01, or 31.87%, to close at $27.81 on July 8, 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