LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Athenex, Inc. (“Athenex” or “the Company”) (NASDAQ: ATNX) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s securities between August 7, 2019 and February 26, 2021, inclusive (the ”Class Period”), are encouraged to contact the firm before May 3, 2021.
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We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Athenex announced on March 1, 2021, that the FDA had issued a complete response letter (“CRL”) for the company’s New Drug Application (“NDA”) for oral paclitaxel plus encequidar for the treatment of metastatic breast cancer. The FDA’s CRL cited patient safety risks and uncertainty related to primary endpoint results for the objective response rate (“ORR”) which may have introduced bias in the blinded clinical review. The FDA recommended the Company “conduct a new adequate and well-conducted clinical trial in a patient population with metastatic breast cancer representative of the population in the U.S.” The FDA also indicated that the toxicity would require a risk mitigation strategy for the treatment to be approved. Based on this news, shares of Athenex fell by 55% in one day.
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