NEW YORK, July 28, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Magenta Therapeutics, Inc. ("Magenta" or the "Company") (NASDAQ: MGTA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Magenta and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 21, 2021, Magenta issued a press release "announc[ing] that it has received a clinical hold letter from the U.S. Food and Drug Administration (FDA) related to its Investigational New Drug Application (IND) filed in June 2021 to initiate a Phase 1/2 clinical trial of MGTA-117 in patients with acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS)." Magenta stated that "[t]he FDA is requiring that Magenta develop an additional bioassay to be used in conjunction with the PK/PD model to inform dose escalation decisions in addition to safety monitoring."
On this news, Magenta's stock price fell $0.83 per share, or 9.33%, to close at $8.07 per share on July 21, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.