|[August 01, 2014]
Lieff Cabraser Announces Class Action Litigation Against Endocyte, Inc. - ECYT
SAN FRANCISCO --(Business Wire)--
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that
class action litigation has been brought on behalf of those who
purchased the securities of Endocyte, Inc. ("Endocyte" or the "Company")
(NasdaqGS: ECYT) between March 21, 2014 and May 2, 2014, inclusive (the
If you purchased Endocyte securities during the Class Period, you may
move the Court for appointment as lead plaintiff by no later than August
25, 2014. A lead plaintiff is a representative party who acts on behalf
of other class members in directing the litigation. Your share of any
recovery in the action will not be affected by your decision of whether
to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the action.
investors who wish to learn more about the action and how to seek
appointment as lead plaintiff should click here or contact Sharon M.
Lee of Lieff Cabraser toll-free at 1 800-541-7358.
Background on the Endocyte Securities Class
The actions charge Endocyte and its Chief Executive Officer with
violations of the Scurities Exchange Act of 1934. Endocyte,
headquartered in Indiana, develops targeted small molecule drug
conjugates ("SMDCs") and companion imaging agents for personalized
therapy in cancer and other serious diseases. The Company's primary SMDC
candidate is VYNFINIT®.
The actions allege that during the Class Period, Endocyte issued
materially false and misleading statements regarding its business
prospects. On March 21, 2014, Endocyte announced that the Committee for
Medicinal Products for Human Use of the European Medicines Agency had
issued "positive opinions" for the Conditional Marketing Authorisations
or the drug VYNFINIT® in the treatment of platinum-resistant ovarian
cancer ("PROC"). Endocyte failed to disclose that the "positive
opinions" were based on testing criteria called RECIST 1.0 while the
pending analysis for the Conditional Marketing Authorisations would be
using the more stringent RECIST 1.1 testing criteria. Following its
misleading announcement, the price of Endocyte shares nearly doubled in
price and Endocyte conducted a public share offering to quickly sell
shares at the inflated price.
On May 2, 2014, Endocyte announced that the independent Data Safety
Monitoring Board of the Phase 3 PROCEED Study of VYNFINIT® had
recommended that the clinical trial be stopped because the drug did not
demonstrate efficacy on Progression-Free Survival in patients with PROC.
The Company also announced that screening and randomization of
participants in the trial would be suspended. On this news, the price of
Endocyte shares dropped $10.76 per share, or 61.19% from a previous
closing price of $17.38 on May 1, 2014, to close at $6.62 per share on
May 2, 2014, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco,
New York, and Nashville, is a nationally recognized law firm committed
to advancing the rights of investors and promoting corporate
The National Law Journal has recognized Lieff Cabraser as one of
the nation's top plaintiffs' law firms for eleven years. In compiling
the list, the National Law Journal examines recent verdicts and
settlements and looked for firms "representing the best qualities of the
plaintiffs' bar and that demonstrated unusual dedication and
creativity." Best Lawyers and U.S. News have also named
Lieff Cabraser as a "Law Firm of the Year" each year the publications
have given this award to law firms.
For more information about Lieff Cabraser and the firm's representation
of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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