NEW YORK, Oct. 14, 2016 /PRNewswire/ -- WeissLaw LLP announces that it has filed a class action in the United States District Court for the District of Massachusetts against Tokai Pharmaceuticals, Inc. ("Tokai" or the "Company") (TKAI) and certain Company officers, for among other things, violation of sections 11, 12(a)(2), and 15 of the Securities Act of 1933 (the "Securities Act"), and violation of sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 (the "Exchange Act"). The class action seeks to pursue remedies on behalf of all person or entities who purchased or otherwise acquired shares of Tokai between September 17, 2014 and July 25, 2016, inclusive (the "Class Period").
On July 26, 2016, Tokai announced that it will discontinue the Phase 3 trial of the Company's highly anticipated Galeterone drug. The decision was based upon the recommendation of the trial's independent Data Monitoring Committee, which determined that the trial "[would] likely not succeed." On that news, Tokai shares nose-dived to a low of $1.10.