Full Press Release Details
SAN FRANCISCO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges MacroGenics, Inc. (NASDAQ: MGNX) investors who suffered substantial losses to submit your losses now.
Class Period: Mar. 7, 2024 – May 9, 2024
Lead Plaintiff Deadline: Sept. 24, 2024
Contact the Firm Now: MGNX@hbsslaw.com
Class Action Lawsuit Against MacroGenics, Inc. (MGNX):
MacroGenics, Inc. shares plummeted on July 31 after the biotechnology company announced it was halting a mid-stage clinical trial for its experimental prostate cancer drug known as “vobra duo.”
The decision to discontinue the Phase 2 trial of vobra duo comes on the heels of an investor class action filed on July 26, alleging that the company misled investors about vobra duo’s safety profile.
The lawsuit contends that the truth about vobra duo emerged on May 10, 2024, after MacroGenics disclosed that five patients in the study had died. This revelation caused the company’s share price to plummet by $11.36, or about 77%, on the same day, prompting numerous analyst downgrades.
The termination of the vobra duo trial is MacroGenics’ latest setback. The company said it would continue to monitor patients who have received treatment but would no longer enroll new participants. MacroGenics plans to present additional data from the trial at the European Society for Medical Oncology conference in September.
MacroGenics shares are presently trading down more than 60% since disclosing adverse events related to vobra duo. Prominent shareholder litigation firm Hagens Berman has commenced an investigation into potential violations of the U.S. securities laws.
“We're scrutinizing MacroGenics’ public statements regarding the vobra duo trial to determine if investors were misled about the drug’s safety profile,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in MacroGenics and have substantial losses submit your losses now »
If you’d like more information about the MacroGenics case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding MacroGenics should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email MGNX@hbsslaw.com.
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895