Plaintiff's law firm issued a press release on October 4, 2018, announcing the lawsuit. According to the press release, the Complaint charges TG Therapeutics, Inc. ("TG" or the "Company") and its Chief Executive Officer with violations of the Securities Exchange Act of 1934. TG is a developmental biopharmaceutical company focused on the acquisition, development and commercialization of novel treatments for B-cell malignancies and autoimmune diseases. The Company is developing two therapies targeting hematologic malignancies: TG-1101 (ublituximab), a glycoengineered monoclonal antibody that targets a unique epitope on the CD20 antigen found on mature B-lymphocytes, and TGR-1202 (umbralisib), an orally available PI3K delta inhibitor. During the Class Period, TG was engaged in a randomized controlled Phase 3 trial to evaluate TG-1101 in combination with TGR-1202 for patients with front-line and previously treated Chronic Lymphocytic Leukemia (“CLL”), known as the UNITY-CLL Trial.
The Complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information regarding TG’s business and prospects. Specifically, the Complaint alleges Defendants failed to disclose that TG was involved in cleaning the data collected in the UNITY-CLL Trial and, as a result, was able to gain an understanding as to the efficacy of the combination therapy; that, as a result of that data cleaning, TG knew the UNITY-CLL Trial had failed to meet its stated goal, and that, as a result, the Company would not be able to seek accelerated approval; and that, given that the UNITY-CLL Trial had failed to meet its stated goal, it was highly unlikely that the combination therapy would meet its primary endpoint of increased progression free survival – in other words, the drug therapy had failed. As a result of Defendants’ false statements and/or omissions, the price of TG common stock was artificially inflated during the Class Period.
On December 28, 2018, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel.