NEW YORK, Dec. 5, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Ambit Biosciences Corporation ("Ambit" or the "Company")(NASDAQ: AMBI). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Ambit and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On December 3, 2013, shares of Ambit fell on higher than usual volume after the company announced that the Food and Drug Administration (FDA) would not accept the company's proposed novel surrogate endpoints, and therefore, Ambit would need to undertake a full Phase III clinical trial to prove the efficacy of Quizartinib, an oncology therapy being developed by the company.
On this news, shares of Ambit fell $4.24 per share to $8.56, or more than 33%, on November 29, 2013.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP