NEW YORK, Feb. 9, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Seattle Genetics, Inc. ("Seattle Genetics" or the "Company") (NASDAQ: SGEN) of the March 13, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Western District of Washington on behalf of all those who purchased Seattle Genetics securities between October 27, 2016 and December 23, 2016 (the "Class Period"). The case, Patel v. Seattle Genetics, Inc. et al, No. 2:17-cv-00041 was filed on January 10, 2017.
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: (i) the Company's experimental cancer drug, vadastuximab talirine, presents a significant risk of fatal hepatotoxicity; (ii) Seattle Genetics had overstated the viability of vadastuximab talirine as an acute myeloid leukemia treatment; and (iii) as a result, Seattle Genetics' public statements were materially false and misleading.
Specifically, on December 27, 2016, Seattle Genetics announced that the U.S. Food and Drug Administration had placed a clinical hold or partial clinical hold on several early stage trials of vadastuximab talirine, to evaluate the potential risk of hepatotoxicity. The Company stated, in part, that "six patients have been identified with hepatotoxicity, including several cases of veno-occlusive disease, with four fatal events."
After the announcement, Seattle Genetics' share price fell from $61.86 per share on December 23, 2016 to a closing price of $52.36 on December 27, 2016—a $9.50 or a 15.36% drop.
Request more information now by clicking here: www.faruqilaw.com/SGEN. There is no cost or obligation to you.
If you invested in Seattle Genetics stock or options between October 27, 2016 and December 23, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/SGEN. 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 firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Seattle Genetics' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that 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 of whether or not to serve as a lead plaintiff.
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