NEW YORK, Nov. 16, 2016 /PRNewswire/ -- WeissLaw LLP
announces that it has filed a class action in the United States
District Court for the District of Massachusetts against Tokai Pharmaceuticals,
Inc. ("Tokai" or the "Company") (TKAI) and certain Company
officers, for among other things, violation of sections 11,
12(a)(2), and 15 of the Securities Act of 1933 (the "Securities
Act"), and violation of sections 10(b) and 20(a) of the Securities
and Exchange Act of 1934 (the "Exchange Act"). The class action
seeks to pursue remedies on behalf of all person or entities who
purchased or otherwise acquired shares of Tokai between
September 17, 2014 and
July 25, 2016, inclusive (the
"Class Period").
On July 26, 2016, Tokai announced
that it will discontinue the Phase 3 trial of the Company's highly
anticipated Galeterone drug. The decision was based upon the
recommendation of the trial's independent Data Monitoring
Committee, which determined that the trial "[would] likely not
succeed." On that news, Tokai shares nose-dived to a low of
$1.10.
The complaint alleges that Defendants made materially false
and/or misleading statements, as well as failed to disclose
information with regard to Tokai's operations and compliance
policies by: (i) failing to inform and/or misrepresent the
structural problems of phase 3 of the Galeterone trial to
shareholders, which subsequently resulted in the failure of the
trial; and (ii) filing materially false and/or misleading financial
statements.
NOTE: If you wish to serve as lead plaintiff, you must move
the Court no later than December 13,
2016. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests,
please contact Joshua Rubin of
WeissLaw LLP at 888.593.4771, or by e-mail at
stockinfo@weisslawllp.com. Any member of the 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.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
clients. For more information about the firm, please go to:
http://www.weisslawllp.com/tokai-december-13-2016-deadline/.
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SOURCE WeissLaw LLP