NEW YORK, Jan. 30, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in TG Therapeutics, Inc. ("TG" or the "Company") (NASDAQ: TGTX) of the March 7, 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 Southern District of New York on behalf of all those who purchased TG common stock between September 15, 2014 and October 12, 2016 (the "Class Period"). The case, Lyon v. TG Therapeutics, Inc. et al, No. 1:17-cv-00112 was filed on January 6, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting and/or omitting material information concerning the GENUINE Phase III trial for its proprietary combination of drug therapies TG-1101 and TGR-1202, assuring investors it was a "best-in-class treatment" that would be "successful" and "offer patients a novel chemo-free treatment option."
Specifically, on October 13, 2016, TG announced it filed an "amended protocol for its GENUINE Phase 3 trial," which entirely abandoned Part II of the Phase III GENUINE study, thereby annulling the Special Protocol Assessment with the U.S. Food and Drug Administration ("FDA"). Accordingly, the study's sole primary endpoint was reduced to only overall response rate, and the target enrollment was reduced to only 120 patients. As a result, TG stated it could be another two years to reach 330 patients, the number needed to have sufficient powering to show a progression-free survival benefit.
On this news, TG's share price fell from $8.25 per share on October 12, 2016 to a closing price of $6.01 on October 17, 2016—a $2.24 or a 27.15% drop.
Request more information now by clicking here: www.faruqilaw.com/TGTX . There is no cost or obligation to you.
If you invested in TG stock or options between September 15, 2014 and October 12, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/TGTX. 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 TG's 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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