INVESTOR ALERT: Edelson Lechtzin LLP is Investigating Securities Fraud Claims on Behalf of Y-mAbs Therapeutics, Inc. (NASDAQ: YMAB) Shareholders
NEWTOWN, PA, January 24, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of Y-mAbs Therapeutics, Inc. (“Y-mAbs” or the “Company”) (NASDAQ: YMAB) common stock.
Investors who purchased Y-mAbs Therapeutics, Inc. stock between October 6, 2020, and October 28, 2022, inclusive (the “Class Period”) may move the U.S. District Court for the Southern District of New York to appoint them as lead plaintiff, no later than March 20, 2023. Current holders of Y-mAbs stock may pursue corporate governance reforms. Investors who wish to discuss their investment losses should contact Edelson Lechtzin LLP, toll-free at 844-696-7492, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on Y-mAbs Therapeutics, Inc.
Y-mAbs Therapeutics is a late-stage clinical biopharmaceutical company that focuses on the development and commercialization of antibody-based therapies for the treatment of cancer. The company’s product pipeline includes 2 pivotal-stage product candidates—naxitamab and omburtamab—which target tumors that specifically express GD2 and B7-H3.
The Securities Fraud Claims
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements. Beginning on October 6, 2022, Defendants repeatedly mislead investors about its meetings and other communications with the FDA. They assured investors that progress was being made that would align with the FDA’s requirement to demonstrate substantial evidence of effectiveness, sufficient for approval of omburtamab, through adequate and well-controlled studies. The FDA repeatedly advised the Defendants the FDA was unlikely to grant approval for the marketing of omburtamab based on a comparison between Study 03-133 and an external control group (CGCCR), because of substantial differences in the patient populations, and the absence of tumor response data, and that study 101 was neither sufficiently advanced nor indicative of efficacy to justify approval
Following the disclosure of the true facts, Y-mAbs common stock plummeted $11.56 per share, from a closing price of $15.17 per share on October 25, 2022, to close at $3.61 per share on October 31, 2022.
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Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.