Loading, Please Wait...

CST: 18/11/2019 10:27:50   

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Karyopharm Therapeutics, Inc.

62 Days ago

LOS ANGELES, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 23, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Karyopharm Therapeutics, Inc. (“Karyopharm” or the “Company”) (NASDAQ: KPTI) investors  that: (1) purchased shares of Karyopharm’s common stock between March 2, 2017 and February 22, 2019, inclusive (the “Class Period”); (2) purchased Karyopharm shares in or traceable to the Company’s public offering of common stock conducted on or around April 28, 2017 (the “2017 Offering”); or (3) purchased Karyopharm shares in or traceable to the Company’s public offering of common stock conducted on or around May 7, 2018 (the “2018 Offering,” and together with the 2017 Offering, the “Offerings”).

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On February 22, 2019, the U.S. Food and Drug Administration (“FDA”) released a briefing document which contradicted the Company’s assertions that its treatment selinexor was “well-tolerated” by patients. Specifically, the FDA revealed that a previous trial of the Company’s selinexor yielded “worse overall survival” and concluded that selinexor “is associated with significant toxicity” and “limited efficacy.”

On this news, shares of Karyopharm fell $3.90 per share, or over 43%, to close at $5.07 per share on February 22, 2019, 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 failed to disclose to investors: (1) that data demonstrated that selinexor was associated with significant toxicity, was not well-tolerated among patients with acute myeloid leukemia (“AML”), and resulted in a higher risk of death; (2) that patients experienced serious drug-related side effects, and eighty percent of the AML patients treated in the selinexor trial experienced a serious adverse event; (3) that, as a result, nearly half of the AML patients were forced to withdraw from the trial because of drug-related toxicity; (4) that the toxicity profile of selinexor for the treatment of patients with multiple myeloma was similar to that observed in AML patients; and (5) that, as a result, selinexor was neither effective nor safe.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased or otherwise acquired Karyopharm securities during the Class Period you may move the Court no later than September 23, 2019 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.  If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

Is your business listed correctly on America’s largest city directory network of 1,000 portals?