NEW YORK, May 12, 2017 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Puma Biotechnology, Inc. ("Puma" or the "Company") (NASDAQ: PBYI) and certain of its officers. The class action, filed in United States District Court, Central District of California, and docketed under 17-cv-03455, is on behalf of a class consisting of investors who purchased or otherwise acquired Puma securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Puma securities between February 29, 2016 and May 4, 2017, both dates inclusive, you have until July 7, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Puma Biotechnology, Inc. is a development-stage pharmaceutical company that is primarily focused on acquiring and developing drug products. At all relevant times, Puma's primary focus has been the development of the drug PB272 ("neratinib"). Neratinib was initially developed by the pharmaceutical companies Wyeth and Pfizer Inc. ("Pfizer"), and Puma acquired the rights to license the drug in 2011.
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: (i) the Company did not anticipate that the U.S. Food and Drug Administration's ("FDA") would ultimately approve neratinib for the treatment of breast cancer; (ii) as such, Puma had overstated the drug's approval prospects and/or commercial viability; and (iii) as a result, Puma's public statements were materially false and misleading at all relevant times.
On May 4, 2017, post-market, Puma disclosed the resignation of Dr. Robert Charnas, the Company's Senior Vice President, Regulatory Affairs, citing "health reasons." Dr. Charnas' resignation will be effective as of May 15, 2017, nine days before the FDA scheduled review of Puma's breast cancer drug neratinib on May 24. On this news, Puma's share price fell $5.85, or 16.01%, to close at $30.70 on May 5, 2017.
On May 5, 2017, Fox Business published an online article entitled "Why Puma Biotechnology Shares are Crashing 18.2% Today."
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