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NEW YORK, Nov. 23, 2016 -- Safirstein Metcalf LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of ProNAi Therapeutics, Inc. ("ProNAi") (NASDAQ:DNAI) common stock between July 15, 2015 and June 6, 2016 (the "Class Period").
If you purchased ProNAi securities during the class period, and would like more information about getting involved in the ProNAi Therapeutics Class Action, please contact Sheila Feerick at 1-800-221-0015, or email [email protected].
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. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
ProNAi is a clinical stage oncology company with a focus on pioneering a novel class of therapeutics based on its proprietary DNA interference (DNAi) technology platform. Until recently, the Company had only one product candidate – PNT2258, which was purportedly designed to target cancers that overexpress B-cell lymphoma such as Hodgkin’s lymphomas and non-Hodgkin lymphoma.
The complaint alleges that since July 15, 2015, ProNAi and certain of its officers and directors have misrepresented the efficacy and safety of PNT2258, and the drug’s purported attendant capacity for approval by the FDA.
As the Company’s two Phase 2 trials progressed and patient enrollment was ongoing, both the Company’s Chief Scientific Officer and Chief Medical Officer resigned.
On June 6, 2016, the Company issued a press release announcing interim data for the two Phase 2 trials and revealed that PNT2258 had failed to produce sufficient efficacy results to justify its continued clinical development.
Following this news, the price of ProNAi common stock declined more than 67% from a closing share price of $6.38 per share on June 3, 2016 to close at $2.07 per share on June 6, 2016.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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Safirstein Metcalf LLP Peter Safirstein, Esq. 1250 Broadway 27th Floor New York, NY 10001 1-800-221-0015 [email protected]
