Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against ProNAi Therapeutics, Inc. (DNAI)

NEW YORK, Nov. 11, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against ProNAi Therapeutics, Inc. (“ProNAi” or the “Company”) (Nasdaq:DNAI) in the United States District Court for the Southern District of New York on behalf of purchasers of common stock of ProNAi between July 15, 2015 and June 6, 2016 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the Securities Exchange Act of 1934.

According to the Complaint, Defendants made materially false and misleading statements about the potential and efficacy of its drug product candidate PNT2258 in the Company’s public filings, which caused ProNAi’s stock price to be artificially inflated throughout the Class Period, thus harming investors.  On June 6, 2016, ProNAi revealed that the Phase 2 clinical trials of PNT2258 failed to produce sufficient efficacy results to justify continued clinical development of the drug and, thus, ProNAi was suspending clinical development of PNT2258.  Following this news, shares of ProNAi fell more than 67 percent.

If you wish to serve as lead plaintiff, you must move the Court no later than January 9, 2017.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

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