NEW YORK, March 21, 2018 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, is investigating whether Proteostasis Therapeutics, Inc. ("Proteostasis" or the "Company") (NASDAQ: PTI) or certain of its officers and directors violated federal securities or other laws. If you are a Proteostasis stockholder, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information.
Proteostasis is a biopharmaceutical company. The investigation centers around the Company's cystic-fibrosis drug, PTI-428.
On March 20, 2018, Kerrisdale Capital Management LLC published a report entitled "Proteostasis Therapeutics, Inc.: Don't Hold Your Breath" which was also published on Seeking Alpha with the title, "Hyped-Up Lung Data? Just A Lot Of Hot Air." The report claims that in the Phase 2 study for PTI-428, "the placebo group's small size and anomalously bad outcomes misleadingly make the treatment group's unimpressive results look good by comparison." Accordingly, the report concluded that the drug "is ineffective and will likely fail future Phase 3 trials." The report also asserts that "Proteostasis has a habit of sweeping unpleasant or confusing findings under the rug."
On this news, Proteostasis's share price fell 26% on March 20, 2018, and closed at $5.16 after its previous close of $6.99.
What You Can Do
If you are a Proteostasis shareholder, and you wish to discuss this investigation, please contact attorney Rhiana Swartz at (844) 818-6980, or at firstname.lastname@example.org.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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