RADNOR, Pa., July 14, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Juno Therapeutics, Inc. (Nasdaq: JUNO) ("Juno" or the "Company") on behalf of purchasers of the Company's securities between June 4, 2016 through July 7, 2016, inclusive (the "Class Period").
Juno shareholders who purchased their securities during the Class Period may, no later than September 12, 2016, petition the Court to be appointed as a lead plaintiff representative of the class. For additional information please visit https://www.ktmc.com/new-cases/juno-therapeutics-inc#join.
Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at [email protected].
Juno is a biopharmaceutical company that is developing cell-based cancer immunotherapies. The Company's leading product candidate, "JCAR015," is currently in clinical trials.
The shareholder class action complaint alleges that Juno knew that one of the notable side effects of JCAR015 is "severe neurotoxicity." In May 2016, a patient in the Phase 2 trial of JCAR015 – the so-called "ROCKET" trial – died of a cerebral edema, a form of neurotoxicity. Juno knew that the study related death was important and consulted with the Data Safety Monitoring Board and the Food and Drug Administration ("FDA") about an appropriate response – yet failed to disclose the death to investors at that time.
The complaint further alleges that in early June 2016 Juno issued a glowing press release about JCAR015 which boasted of "[l]ower side effects in patients with minimal disease at time of CAR T cell infusion" and made partial, misleading disclosures about JCAR015's side effects – reporting that "Grade 3 or higher neurotoxicity was observed in 15/51 (29%) patients" in a Phase 1 trial – but which failed to disclose the patient death. Shortly thereafter, defendant Hans E. Bishop, Juno's Chief Executive Officer, sold over $8.6 million worth of Juno stock – more than twice the value of his total Juno sales for all of 2015. Then, in late June or early July, two more patients in the ROCKET trial died of cerebral edemas, which caused the FDA to issue a clinical hold on the trial and forced the defendants to inform investors of the study related deaths.
Following this news, shares of Juno's stock declined $13.01 per share, or over 31.8%, to close on July 8, 2016 at $27.81 per share.
Juno shareholders may, no later than September 12, 2016, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP