Robbins Arroyo LLP: TG Therapeutics, Inc. (TGTX) Misled Shareholders According to a Class Action
SAN DIEGO & NEW YORK--(BUSINESS WIRE)--Oct 8, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of TG Therapeutics, Inc. (Nasdaq: TGTX) have filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between June 4, 2018 and September 25, 2018. TG is a biopharmaceutical company that develops treatments for cancer and autoimmune diseases in the U.S. The company is developing two therapies targeting hematologic malignancies – TG-1101 and TGR-1202.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/tg-therapeutics-inc-oct-2018/
TG Accused of Misleading Investors Regarding Trial Results
The actions concerns TG’s UNITY-CLL Trial. The trial is a randomized controlled Phase 3 trial under Special Protocol Assessment that is evaluating TG-1101 in combination with TGR-1202, the company’s development stage PI3K delta inhibitor, for patients with front line and previously treated Chronic Lymphocytic Leukemia. Enrollment in the trial began in May 2017, and by September 2017, TG announced its target enrollment had been met. TG also announced that it expected to report top-line overall response rate (“ORR”) data from the study in 2018. According to the complaint, TG thereafter touted positive earnings and business outlook for the company, as well as a positive outcome of its UNITY-CLL Trial, “which is expected to support full approval … and a very broad label for the treatment of CLL.” Despite these prior assurances, on September 25, 2018, TG announced that it would not be releasing the data from the UNITY-CLL study and that the drugs had failed to meet the ORR stated goal. On this news, the price of TG stock declined from $9.25 per share to $5.15 per share on September 26, 2018, a fall of nearly 45%.
TG Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181008005766/en/
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PUB: 10/08/2018 04:18 PM/DISC: 10/08/2018 04:18 PM