ACCESSWIRE
24 Jan 2023, 05:19 GMT+10
NEW YORK, NY / ACCESSWIRE / January 23, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Y-mAbs Therapeutics, Inc. ('Y-mAbs' or the 'Company') (NASDAQ:YMAB). Such investors are advised to contact Robert S. Willoughby at [email protected]or 888-476-6529, ext. 7980.
The investigation concerns whether Y-mAbs and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On October 3, 2022, Y-mAbs issued a press release 'announc[ing] clinical data on the Company's product candidate OMBLASTYS® (131I-omburtamab) for the treatment of CNS/leptomeningeal metastasis from neuroblastoma.' Among other data, Y-mAbs reported that 'Serious Adverse Events (‘SAE') was found in 40.6% of the patients and were mostly related to myelosuppression.'
On this news, Y-mAbs's stock price fell $1.14 per share, or 7.91%, to close at $13.28 per share on October 3, 2022.
Then, on October 26, 2022, the U.S. Food and Drug Administration ('FDA') posted briefing documents expressing concerns that the Biologics License Application for the Company's product candidate does not provide sufficient evidence of efficacy. Specifically, the FDA cited the fact that the Company submitted data from just a single center, single arm trial; that additional analyses conducted by the FDA to examine bias and results found that differences in survival cannot be reliably attributed to omburtamab; and that the application does not include reliable response rate data to provide supportive evidence of the treatment effect of omburtamab.
On this news, Y-mAbs's stock price fell $4.16 per share, or 27.42%, to close at $11.01 per share on October 26, 2022.
Then, on October 28, 2022, the FDA's Oncologic Drugs Advisory Committee voted unanimously against approving the Company's marketing application for omburtamab.
On this news, Y-mAbs's stock price fell $5.32 per share, or 59.57%, to close at $3.61 per share on October 31, 2022.
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.
Contact:
Robert S. Willoughby
Pomerantz Law Firm, LLP
[email protected]
888-476-6529, ext. 7980
SOURCE: Pomerantz Law Firm, LLP
Get a daily dose of Raleigh Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Raleigh Times.
More InformationNEW YORK, New York - U.S. stocks spent most of Tuesday meandering, with the major indices closing out the day ...
DEARBORN, Michigan: This week, Ford said a six-week United Auto Workers (UAW) strike cut its sales by some 100,000 vehicles ...
WASHINGTON D.C.: This week, the Biden administration adopted a new rule aimed at reducing methane emissions, which targets the role ...
AUSTIN, Texas: During an event held this week in Austin, Texas, Tesla CEO Elon Musk said the electric vehicle (EV) ...
NEW YORK, New York - U.S. stocks closed mixed on Monday following on from last week's volatility."Digestion is the word ...
REDMOND, Washington: Microsoft President Brad Smith said there is no chance of super-intelligent artificial intelligence (AI) being developed within the ...
WASHINGTON D.C.: After a House Ethics Committee report found substantial evidence that he broke the law, New York Republican representative ...
This campaign explores ice hockey players' influence and popularity beyond their National Hockey League (NHL) careers. The goal was to ...
(Photo credit: Nathan Ray Seebeck-USA TODAY Sports) Penn State isn't pointing fingers as it takes a four-game losing streak into ...
(Photo credit: Nelson Chenault-USA TODAY Sports) Khalif Battle racked up 25 points off the bench and Arkansas put away Furman ...
(Photo credit: Petre Thomas-USA TODAY Sports) One of the last undefeated teams in the Southeastern Conference will try to keep ...
(Photo credit: Geoff Burke-USA TODAY Sports) Six different players have led Virginia in scoring in its seven wins this season. ...