The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Y-mAbs Therapeutics, Inc. (YMAB)
The Law Offices of Frank R. Cruz reminds investors of the upcoming March 20, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Y-mAbs Therapeutics, Inc. ("Y-mAbs" or the "Company") (NASDAQ: YMAB) common stock between October 6, 2020 and October 28, 2022, inclusive (the "Class Period").
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On April 1, 2022, the Company announced that it had resubmitted its Biologics License Application ("BLA") for omburtamab for the treatment of pediatric patients with CNS from neuroblastoma, following several meetings with the U.S. Food and Drug Administration ("FDA") to address deficiencies identified in the agency's 2020 refusal to file letter in response o Y-mAbs's previous BLA.
On October 26, 2022, the FDA released its briefing document in advance of its Advisory Committee meeting to discuss the omburtamab BLA. The briefing document identified three key issues regarding the submitted data, which led analysts to conclude that Y-mAbs had resubmitted the BLA prior to reaching agreement with the FDA regarding the content of the application.
On this news, Y-mAbs's stock price fell $4.16, or 27.4%, to close at $11.01 per share on October 26, 2022, thereby injuring investors.
The complaint filed in this class action 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 misrepresented to investors that, pursuant to a series of meetings and other communications between the Company and the FDA, that progress was being made that would align with the FDA's requirement to demonstrate substantial evidence of effectiveness, sufficient for approval of omurtamab, through adequate and well-controlled studies.
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If you purchased or otherwise acquired Y-mAbs common stock during the Class Period, you may move the Court no later than March 20, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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