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Case Status:    ONGOING    
On or around 11/17/2017 (Ongoing date of last review)

Filing Date: January 10, 2017

According to the law firm press release, Seattle Genetics develops and commercializes targeted therapies for the treatment of cancer worldwide. Among the Company’s products in development is SGN-CD33A (vadastuximab talirine). Throughout the Class Period, vadastuximab talirine was in clinical trials for various applications, including, in relevant part: (i) 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; (ii) a Phase 1 trial evaluating vadastuximab talirine monotherapy, including a subset of older AML patients in combination with hypomethylating agents; and (iii) a Phase 1 trial evaluating vadastuximab talirine combination treatment with 7+3 chemotherapy in newly diagnosed younger AML patients.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) vadastuximab talirine presents a significant risk of fatal hepatotoxicity; (ii) as such, Seattle Genetics had overstated the viability of vadastuximab talirine as an AML treatment; and (iii) as a result of the foregoing, Seattle Genetics’ public statements were materially false and misleading at all relevant times.

On December 27, 2016, Seattle Genetics issued a press release and filed a Current Report on Form 8-K with the SEC, announcing that the U.S. Food and Drug Administration had placed a clinical hold or partial clinical hold on several early stage trials of the Company’s experimental cancer drug, vadastuximab talirine, to evaluate the potential risk of hepatotoxicity.

On this news, Seattle Genetics’ share price fell $9.50, or 15.36 %, to close at $52.36 on December 27, 2016.

A consolidated and amended complaint was filed on June 6, 2017.

On October 18, 2017, the Court issued an Order granting Defendants' Motion to Dismiss, with leave to amend. An amended complaint was filed on November 17.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SGEN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


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COURT: W.D. Washington
DOCKET #: 17-CV-00041
JUDGE: Hon. Ricardo S Martinez
DATE FILED: 01/10/2017
CLASS PERIOD START: 10/27/2016
CLASS PERIOD END: 12/23/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Law Offices Of Clifford A. Cantor, P.C.
    627 208th Ave. SE, Law Offices Of Clifford A. Cantor, P.C., WA 98074
    425.868.7813 425.868.7870 ·
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 17-CV-00041
JUDGE: Hon. Ricardo S Martinez
DATE FILED: 11/17/2017
CLASS PERIOD START: 10/27/2016
CLASS PERIOD END: 12/27/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices Of Clifford A. Cantor, P.C.
    627 208th Ave. SE, Law Offices Of Clifford A. Cantor, P.C., WA 98074
    425.868.7813 425.868.7870 ·
  2. Pomerantz LLP (Chicago)
    10 South LaSalle Street, Suite 3505 , Pomerantz LLP (Chicago), IL 60603
    312-377-1181 312-377-1184 ·
No Document Title Filing Date