NewLink Genetics Corporation (Nasdaq: NLNK)
A class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of NewLink Genetics Corporation (Nasdaq: NLNK) common stock during the period between September 17, 2013 to May 9, 2016, inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements regarding NewLink's business and the prospects for algenpantucel-L, including statements regarding the stringency of the IMPRESS study design, the progress and favorable safety profile of the IMPRESS study and the safety and tolerability of algenpantucel-L. On May 11, 2015, NewLink announced that algenpantucel-L had “‘the potential to be the first and only FDA approved drug for resected pancreatic cancer,’” and that its “’fast-track status, orphan drug designation and [Special Protocol Assessment] g[a]ve [NewLink] continued confidence in [its] regulatory strategy. With this in mind, [NewLink was] thoughtfully preparing for regulatory filings and commercial activities associated with the potentially positive outcome of the trial.’” As a result of defendants’ false and/or misleading statements during the Class Period, NewLink securities traded at artificially inflated prices, with its stock price reaching over $56 per share.
Then on May 9, 2016, after the market closed, NewLink announced that algenpantucel-L did not meet the main goal in the Company's Phase 3 IMPRESS study. Patients treated with algenpantucel-L lived for a median of 27.3 months in NewLink's Phase 3 trial compared to median survival of 30.4 months for patients treated with standard therapy, suggesting that patients were actually being harmed by NewLink's treatment. On this news, NewLink's stock price fell $5.05 per share, or 30%, to close at $11.45 per share on May 10, 2016.
If you are a current shareholder and/or purchased stock between September 17, 2013 to May 9, 2016, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
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