NEW YORK, Nov. 15, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Puma Biotechnology, Inc. ("Puma" or the "Company") (NYSE: PBYI) (ISIN: US74587V1070). Investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Puma and certain of its officers and/or directors have violated the federal securities laws.
On November 14, 2016, an abstract investigating the incidence rate of severe diarrhea (grade 3) in early stage HER2+ breast cancer patients receiving Puma's Neratinib drug (the "incidence rate") in an open-label Phase 2 clinical trial ("CONTROL") was released. Following Neratinib's high incidence rate in clinical studies of approximately 40%, the CONTROL study investigated the incidence rate where the antidiarrheal prophylaxis Loperamide was administered. The abstract showed a high incidence rate persisted at around 27% and that the CONTROL study was then expanded to include a cohort of patients receiving Loperamide and the corticosteroid Budesonide. The incidence rate dropped, but remained at a concerning 12.9%.
On this news, Puma's share price fell $10.30, or 20.43%, to close at $40.10 on November 14, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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
Robert S. Willoughby
SOURCE Pomerantz LLP