NEW YORK, Nov. 17, 2016 /PRNewswire/ -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against ProNAi Therapeutics, Inc. ("ProNAi" or the "Company") (NASDAQ: DNAI) and certain of its officers, and is on behalf of shareholders who purchased or otherwise acquired ProNAi securities between July 15, 2015 and June 6, 2016, both dates inclusive (the "Class Period"). Such investors are advised to join this case by visiting the firm's site: http://www.bgandg.com/dnai.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements about the potential and effectiveness of its drug product candidate PNT2258 in its public filings, causing ProNAi's stock to be falsely inflated throughout the Class Period.
On June 6, 2016, ProNAi released its interim results from the Wolverine Phase 2 trial of PNT2258 for the treatment of relapsed or refractory (r/r) diffuse large B-cell lymphoma (DLBCL). Nick Glover, President and CEO said, "Although [PNT2258] observed modest efficacy …in [the] interim analysis of Wolverine," the Company has "decided to suspend the development of PNT2258" because the results were not "robust enough to justify continued development of the drug in DLBCL." Following this news, ProNAi stock dropped from a previous market close on June 3 of $6.38 per share to close at just $2.07 per share on June 6, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/dnai or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in ProNAi you have until January 9, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.