Levi & Korsinsky, LLP announces the commencement of a class action lawsuit in the USDC for the Western District of Washington on behalf of shareholders of Seattle Genetics, Inc. (“Seattle Genetics” or the “Company”) (NASDAQ: SGEN) who purchased shares between October 27, 2016 and December 23, 2016.
The complaint alleges that throughout the class period, Seattle Genetics made false and/or misleading statements and/or failed to disclose that: (a) its product in development, vadastuximab talirine, presents a significant risk of fatal hepatoxicity; (b) as such, Seattle Genetics had overstated the viability of vadastuximab talirine as a treatment for acute myeloid leukemia; and (c) as a result, the Company’s statements were materially false and misleading at all relevant times.
On December 27, 2016, Seattle Genetics issued a press release announcing that the U.S. Food and Drug Administration had placed a clinical hold or partial clinical hold on several early stage trials of vadastuximab talirine.
If you suffered a loss in Seattle Genetics you have until March 13, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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