PHILADELPHIA, PA / ACCESSWIRE / June 14, 2024 / Kaskela Law LLC announces that it is investigating Y-mAbs Therapeutics, Inc. (NASDAQ:YMAB) ("Y-mAbs") on behalf of the company's long-term shareholders.
Recently an amended securities fraud complaint was filed against Y-mAbs on behalf of certain investors who purchased shares of the company's stock between October 6, 2020, and October 28, 2022. According to the complaint, during that time period Y-mAbs and certain of the company's senior executives issued a series of false and misleading statements about Y-mAbs' "lead product candidate," I-Omburtamab ("omburtamab"), which was designed to treat pediatric patients with neuroblastoma that relapsed in the central nervous system ("CNS") or leptomeninges ("LM").
As detailed in the complaint, on October 5, 2020, Y-mAbs reported that it had received a Refusal to File ("RTF") letter from the U.S. Food and Drug Administration ("FDA") regarding its Biologics License Application ("BLA") for omburtamab. Subsequently, the company's executive officers "assured investors that the RTF was issued merely because FDA wanted additional information rather than because of any substantive deficiencies with the BLA."
As further detailed in the complaint, through a series of partial disclosures investors slowly learned the truth about the company's prior misrepresentations and suffered economic damages as a result therefrom. For example, on October 26, 2022, the FDA publicly released a Briefing Document for the Oncologic Drugs Advisory Committee Meeting scheduled for October 28, 2022. Therein, the FDA concluded that the "difference in survival cannot be reliably attributed to omburtamab," and identified three key issues with the application submitted by Y-mAbs. Subsequently, on October 28, 2022, Y-mAbs disclosed that an FDA Advisory Committee had voted unanimously 16 to 0 that Y-mAbs had not provided sufficient evidence to conclude that omburtamab improved overall survival.
Following this news, shares of Y-mAbs' common shares fell $11.56 per share - from a closing price of $15.17 on October 25, 2022 to a closing price of $3.61 on October 31, 2022, a decline of over 76% in value.
The investigation seeks to determine whether the members of Y-mAbs' board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct and disclosures.
Current Y-mAbs shareholders who purchased or acquired YMAB shares prior to October 25, 2022are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 - 0750 for additional information about this investigation and their legal rights and options, or by clicking on the following link (or if necessary, copying and pasting the link into your browser):
https://kaskelalaw.com/cases/y-mabs-therapeutics/
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
([email protected])
Adrienne Bell, Esq.
([email protected])
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 - 1740
(484) 229 - 0750
www.kaskelalaw.com
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SOURCE: Kaskela Law LLC