SAN DIEGO, CA / ACCESSWIRE / February 1, 2023 / Robbins Geller Rudman & Dowd LLP announces that purchasers of Y-mAbs Therapeutics, Inc. (NASDAQ:YMAB) common stock on the open market, or pursuant to Registration Statements filed with the U.S. Securities and Exchange Commission ("SEC"), between October 6, 2020 and October 28, 2022, both dates inclusive (the "Class Period") have until March 20, 2023 to seek appointment as lead plaintiff. Captioned Corwin v. Y-mAbs Therapeutics, Inc., No. 23-cv-00431 (S.D.N.Y.), the Y-mAbs class action lawsuit charges Y-mAbs as well as certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Y-mAbs class action lawsuit, please provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].
CASE ALLEGATIONS: Y-mAbs is a biopharmaceutical company focused on the development and commercialization of novel, antibody-based therapeutic products for the treatment of cancer. Specifically, Y-mAbs is developing Omburtamab, which is being studied for the treatment of neuroblastoma in the central nervous system or leptomeninges of pediatric patients.
The Y-mAbs class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Y-mAbs misrepresented the U.S. Food and Drug Administration's ("FDA") willingness to approve Omburtamab for marketing based on the existing clinical trials; (ii) Y-mAbs misrepresented that progress was being made that would align with the FDA's requirements to demonstrate substantial evidence of effectiveness, sufficient for approval of Omburtamab, through adequate and well-controlled studies; and (iii) the FDA had repeatedly advised Y-mAbs that it was unlikely to grant approval for the marketing of Omburtamab.
On October 26, 2022, the FDA published its briefing documents for an October 28, 2022 Advisory Committee ("AdCom") Meeting, which identified key issues with Y-mAbs' Omburtamab application. On this news, Y-mAbs' stock price declined by more than 27%.
Then, on October 28, 2022, Y-mAbs revealed to investors that the AdCom had voted 16 to 0 to deny the application and that Y-mAbs had not provided sufficient evidence to conclude that Omburtamab improved overall survival. On this news, Y-mAbs' stock price declined nearly 60%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Y-mAbs common stock on the open market, or pursuant to Registration Statements filed with the SEC, during the Class Period to seek appointment as lead plaintiff in the Y-mAbs class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Y‑mAbs class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Y‑mAbs class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Y‑mAbs class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 - more than triple the amount recovered by any other plaintiffs' firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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Robbins Geller Rudman & Dowd LLP
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J.C. Sanchez, 800-449-4900
SOURCE: Robbins Geller Rudman & Dowd LLP