PHILADELPHIA, PA / ACCESSWIRE / January 20, 2023 / Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Y-mAbs Therapeutics, Inc. ("Y-mAbs") (NASDAQ:YMAB) on behalf of those who purchased Y-mAbs common stock between October 6, 2020 through October 28, 2022 (the "Class Period").
Investor Deadline: Investors who purchased or acquired Y-mAabs securities during the Class Period may, no later than March 20, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/y-mabs-therapeutics/
Y-mAbs is a commercial-stage, biopharmaceutical company focused on developing and commercializing antibody-based therapeutic cancer products. Y-mAbs's (former) lead drug candidate omburtamab, intended to treat children with central nervous system/leptomeningeal ("CNS/LM") metastases and who have neuroblastoma following standard multimodality treatment for CNS disease, was the subject of the Company's clinical trials. On March 31, 2022, Y-mAbs announced it completed the resubmission of its Biologics License Application for omburtamab to the Food and Drug Administration ("FDA").
On October 26, 2022, the FDA publicly released its Briefing Document for the Oncologic Drugs Advisory Committee ("ODAC"), to take place on October 28, 2022. The Briefing Document highlighted multiple instances in which the FDA expressed to Y-mAbs that the Central German Childhood Cancer Registry ("CGCCR") data external control data may not be fit-for-purpose as a direct comparator for the overall survival data.
Following this news, Y-mAbs' stock price fell $4.16 per share on October 26, 2022 and $2.16 per share on October 27, 2022.
Finally, after the market closed on Friday, October 28, 2022, it was disclosed that the ODAC voted 16-0 that Y-mAbs had not provided sufficient evidence to conclude that omburtamab improves overall survival. Following this news, Y-mAbs's stock price fell $5.32 per share on Monday, October 31, 2022.
The complaint alleges that throughout the Class Period, Y-mAbs misrepresented to investors that, pursuant to a series of meetings and other communications between Y-mAbs and the FDA, that progress was being made that would align with the FDA's requirement to demonstrate substantial evidence of effectiveness, sufficient for approval of omburtamab.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
James Maro, Senior Counsel
Andrew Abramowitz, Senior Counsel
SOURCE: Berger Montague