IMPORTANT TOKAI PHARMACEUTICALS SHAREHOLDER ALERT: Wolf Haldenstein Adler Freeman & Herz LLP Announces that a Class Action Lawsuit has been Commenced on Behalf of Shareholders of Tokai Pharmaceuticals, Inc. in the Southern District of New York

Lead Plaintiff Deadline is September 30, 2016

NEW YORK, NY / ACCESSWIRE / August 3, 2016 / Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed against Tokai Pharmaceuticals, Inc. (“Tokai”or the “Company”) (NASDAQ:TKAI) and certain of its officers. The class action, filed in the United States District Court for the Southern District of New York, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Tokai securities between June 24, 2015 and July 25, 2016 inclusive (the “Class Period”).

Shareholders who have purchased Tokai Pharmaceuticals, Inc. securities and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may also review the filed complaint and obtain additional information concerning the action on our website, www.whafh.com

If you purchased shares of Tokai Pharmaceuticals, Inc. and suffered a loss, you may request that the Court appoint you lead plaintiff of the proposed class no later than September 30, 2016.

Tokai Pharmaceuticals, Inc. is a company focused on developing and commercializing therapies for prostate cancer and other hormonally-driven diseases. Galeterone, Tokai’s lead drug candidate, is an oral small molecule that was used in various clinical trials for the treatment of patients with metastatic castration-resistant prostate cancer.

The filed Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding Tokai’s business, operational and compliance policies. Particularly, Defendants made false and/or misleading statements and/or failed to disclose that: (1) there were noteworthy structural problems with ARMOR3-SV, the trial design for Tokai’s pivotal Phase 3 Galeterone study, (2) accordingly, ARMOR3-SV would probably not meet its primary endpoint; (3) therefore, the likelihood of Galeterone’s commercialization was not as probable as Tokai had told investors; and (4) consequently, Tokai’s financial statements, and Defendants’ statements regarding Tokai’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On November 2, 2015, Seeking Alpha published a report by Richard Pearson, “What’s Wrong With Tokai Pharmaceuticals?” The article described structural problems with the design of the Company’s ARMOR3-SV trial.

Then, on July 26, 2016, Tokai said it would “discontinue the ARMOR3-SV clinical trial, our pivotal Phase 3 study” of Galeterone. Directly following this shocking news, Tokai stock dropped $4.10 per share, or roughly 80%, to close at $1.10 on July 26, 2016.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP

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