LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Karyopharm Therapeutics Inc. To Contact The Firm
NEW YORK, NY / ACCESSWIRE / July 31, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Karyopharm Therapeutics Inc. (“Karyopharm” or the “Company”) (NASDAQ:KPTI) of the September 23, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Karyopharm stock or options between March 2, 2017 and February 22, 2019 and/or pursuant to the April 28, 2017 and/or May 7, 2018 common stock offerings and would like to discuss your legal rights, click here: www.faruqilaw.com/KPTI. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the District Court of Massachusetts on behalf of all those who purchased Karyopharm securities between March 2, 2017 and February 22, 2019 (the “Class Period”) and/or pursuant to the April 28, 2017 and May 7, 2018 common stock offerings (the “Offerings”). The case, Allegheny County Employees’ Retirement System v. Karyopharm Therapeutics Inc., No. 1:19-cv-11597 was filed on July 23, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by falsely representing the safety and efficacy of selinexor, a pharmaceutical drug intended for the treatment of various types of cancer that Karyopharm was in the process of developing.
Specifically, Defendants’ material misrepresentations and omissions center on Defendants’ claims regarding results from clinical trials for selinexor’s treatment of patients with certain types of blood cancer. During the Class Period, Defendants claimed that selinexor studies showed that selinexor was “well-tolerated” by patients and explained that there were “no new clinically significant adverse events in the patients receiving selinexor.” The Company repeatedly touted the commercial prospects for selinexor and consistently described selinexor as having a “predictable and manageable tolerability profile” and a “very nice safety profile.” In reality, selinexor was unsafe with limited efficacy.
On February 22, 2019 the Federal Drug Administration (“FDA”) released a briefing document that expressed serious concerns with selinexor. The FDA revealed that, contrary to Karyopharm’s assurances, one of the previously cancelled selinexor trials had resulted in “worse overall survival” for certain patients treated with selinexor, which “highlight[ed] the toxicity of this drug.” The FDA unambiguously concluded that “[t]reatment with selinexor is associated with significant toxicity” and has “limited efficacy.”
On this news, Karyopharm’s fell from $8.97 per share on February 21, 2019 to $5.07 on February 22, 2019-a $3.90 or a 43.48% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Karyopharm’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP