NEW
YORK, Aug. 4, 2023 /PRNewswire/ -- Jakubowitz
Law announces that a securities fraud class action lawsuit has commenced on behalf of
shareholders of Rain Oncology Inc. (NASDAQ: RAIN).
To receive updates on the lawsuit, fill out the
form:
https://claimyourloss.com/securities/rain-class-action-loss-submission-form/?id=42957&from=4
The lawsuit seeks to recover losses for shareholders who
purchased Rain between July 20, 2021
and May 19, 2023.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
September 12, 2023 to petition
the court. Your ability to share in any recovery doesn't require
that you serve as a lead plaintiff.
According to the filed complaint, on May
22, 2023, the Company announced that milademetan failed to
meet its primary endpoint of progression free survival in the
MANTRA study. Moreover, the Company announced adverse event
findings that, according to analysts, indicated that the dosing
schedule had not been optimized prior to commencing the study. In
response to the announcement, Rain's stock price substantially
dropped from $9.93 per share to
$1.22 per share, eliminating
approximately $316 million in market
capitalization in one day. The complaint alleges that defendants made false and/or misleading
statements and/or failed to disclose that: (i) the Company
concealed risks inherent in the design of its Phase 3 MANTRA study
particularly with regard to proceeding directly to Phase 3 from
Phase 1; and, (ii) as a result, the Company's statements about the
trial and the likelihood of FDA approval were materially misleading
during the Class Period.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (628) 895-0423
F: (212) 537-5887
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SOURCE Jakubowitz Law