NEW YORK, Feb. 27, 2017 /PRNewswire/ -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of investors in Stemline Therapeutics, Inc. securities (NASDAQ: STML) during the period January 6, 2017 through February 1, 2017. Such investors are advised to contact Fei-Lu Qian at 877.370.7703 or firstname.lastname@example.org.
Several class action lawsuits have already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 4, 2017. A lead plaintiff is a representative party acting on behalf of class members in directing the litigation.
Stemline is a clinical stage biopharmaceutical company that is currently conducting an ongoing pivotal Phase 2 trial in blastic plasmacytoid dendritc cell neoplasm, using Stemline's experimental compound, SL-401.
On January 20, 2017, Stemline commenced a Secondary Public Offering of 4.5 million shares of its common stock at $10.00 per share.
Less than two weeks later, on February 2, 2017, before the market opened, The Street published an article, disclosing that on January 18, 2017, a cancer patient in the clinical trial of SL-401 had died from capillary leak syndrome, a severe side effect connected to the drug, after receiving "only two of the scheduled five doses of SL-401 of the initial treatment cycle."
Later in the day, the Company admitted that on January 18, 2017, two days prior to the Secondary Offering, "the Company received a report that a patient death had occurred" after developing capillary leak syndrome.
On February 2, 2017, in response to this news, Stemline common stock plummeted $4.15 per share or 42%, to close at $5.60 per share.
Wolf Popper LLP has extensive experience representing shareholders in securities class actions. The reputation and expertise of the firm in representing shareholders has been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com.
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SOURCE Wolf Popper LLP