ProNAi Therapeutics Inc. ("ProNAi" or the Company) is a drug development company advancing therapeutics for the treatment of cancer.

According to the law firm press release, the Complaint alleges that throughout the Class Period, ProNAi made materially false and misleading statements about the potential and efficacy of its drug product candidate PNT2258 in the Company’s public filings, which caused ProNAi’s stock price to be artificially inflated throughout the Class Period, thus harming investors.

On June 6, 2016, ProNAi revealed that the Phase 2 clinical trials of PNT2258 failed to produce sufficient efficacy results to justify continued clinical development of the drug and, thus, ProNAi was suspending clinical development of PNT2258. Following this news, shares of ProNAi fell more than 67 percent.

On February 1, 2017, the Court appointed Lead Plaintiffs and Counsel. Lead Plaintiff filed an amended Complaint on March 17. Defendants filed a Motion to Dismiss the amended Complaint on May 1. On March 13, 2018, the Court issued an Order granting Defendants' Motion to Dismiss, dismissing the case with prejudice. Lead Plaintiff filed a Notice appealing this decision on April 12. On April 27, Lead Plaintiff filed an amended Notice of Appeal. On December 26, the Court of Appeals affirmed the decision of the District Court.