NEW YORK, Sept. 18, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in MacroGenics, Inc. ("MacroGenics" or the "Company") (NASDAQ:MGNX) of the November 12, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in MacroGenics stock or options between February 6, 2019 and June 3, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/MGNX. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the District of Maryland on behalf of all those who purchased MacroGenics common stock between February 6, 2019 and June 3, 2019 (the "Class Period"). The case, Todd Hill v. Macrogenics, Inc. et al., No. 19-cv-02713 was filed on September 13, 2019, and has been assigned to Judge George Jarrod Hazel.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company had conducted the progression-free survival ("PFS") and first interim overall survival ("OS") analyses for the SOPHIA trial by no later than October 10, 2018; (2) the October 2018 PFS analysis showed a 0.9 month improvement in PFS; and (3) the October 2018 OS interim analysis did not produce a statistically significant result and the interim OS Kaplan-Meier curves crossed in several spots (thereby violating the constant hazard assumption) and separated late.
On May 13, 2019, the American Society of Clinical Oncologists ("ASCO") posted the SOPHIA study abstract on the Internet. The abstract disclosed that the October 2018 PFS analysis resulted in a 0.9 month improvement in PFS.
On this news, the Company's stock price fell from $17.42 per share on May 10, 2019 to $16.25 per share on May 13, 2019: a $1.17 or 6.72% drop.
Then, on June 4, 2019, during the American Society of Clinical Oncology ("ASCO") annual meeting in Chicago, Illinois, the Company disclosed additional data for the SOPHIA trial. In the Company's presentation, MacroGenics revealed to the public that it had conducted the PFS and OS analyses in October 2018, and the OS analyses for the SOPHIA trial demonstrated Kaplan-Meier curves crossing at several spots with late separation.
On this news, the Company's stock price fell from $18.71 per share on June 3, 2019 to $15.58 per share on June 4, 2019: a $3.13 or 16.73% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding MacroGenics' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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