NEW YORK, Jan. 11, 2017 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies
investors that a class action lawsuit has been filed against
Seattle Genetics, Inc. ("Seattle Genetics" or the "Company")
(NASDAQ: SGEN) and certain of its officers, and is on behalf of a
class consisting of all persons or entities who purchased Seattle
Genetics securities between October 27,
2016 through December 23,
2016, both dates inclusive (the "Class Period"). Such
investors are advised to join this case by visiting the firm's
site: http://www.bgandg.com/sgen.
This class action seeks to recover damages against Defendants
for alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the "Exchange Act").
Seattle Genetics is a biotechnology company focused on
developing and commercializing innovative, empowered monoclonal
antibody-based therapies for the treatment of cancer. One of
the Company's leading products in development is SGN-CD33A
(vadastuximab talirine). Throughout the Class Period,
vadastuximab talirine was in clinical trials for various
applications, including: (1) a Phase 1/2 trial in patients with
acute myeloid leukemia (AML) as a pre-conditioning regimen prior to
an allogenic stem cell transplant and as a maintenance therapy
following transplant; (2) a Phase 1 trial evaluating vadastuximab
talirine monotherapy, including a subset of older AML patients in
combination with hypomethylating agents; and (3) a Phase 1 trial
evaluating vadastuximab talirine combination treatment with 7+3
chemotherapy in newly diagnosed younger AML patients.
The Complaint that throughout the Class Period defendants issued
materially false and misleading statements to investors and/or
failed to disclose that: (1) vadastuximab talirine, one of Seattle
Genetics' cancer drugs, presents a serious risk of fatal
hepatotoxicity; (2) as such, Seattle Genetics had overstated the
viability of vadastuximab talirine as a treatment for acute myeloid
leukemia; and (3) consequently, defendants' public statements about
Seattle Genetics' business, operations, and prospects, were false
and misleading and/or lacked a reasonable basis.
On December 27, 2016, Seattle
Genetics revealed that the U.S. Food and Drug Administration
("FDA") had placed a clinical hold or partial clinical hold on some
early stage trials of vadastuximab talirine, its experimental
cancer drug, to evaluate the potential risk of
hepatotoxicity. Seattle Genetics affirmed that six acute
myeloid leukemia patients had been identified with liver toxicity
and that four had died. Following this news, Seattle Genetics
stock dropped $9.50 per share, or
15.36%, to close at $52.36 on
December 27, 2016.
A class action lawsuit has already been filed. If you wish to
review a copy of the Complaint you can visit the firm's site:
http://www.bgandg.com/sgen or you may contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss
in Seattle Genetics you have until March 13,
2017 to request that the Court appoint you as lead
plaintiff. Your ability to share in any recovery doesn't
require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC