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CST: 16/11/2019 15:53:45   

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Macrogenics, ViewRay, Cadence Bancorp, and ProPetro and Encourages Investors to Contact the Firm

31 Days ago

NEW YORK, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Macrogenics, Inc. (NASDAQ: MGNX), ViewRay, Inc. (NASDAQ: VRAY), Cadence Bancorp (NYSE: CADE), and ProPetro Holding Corp. (NYSE: PUMP). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Macrogenics, Inc. (NASDAQ: MGNX)

Class Period: February 6, 2019 to June 3, 2019

Lead Plaintiff Deadline: November 12, 2019

The SOPHIA study is a study that was conducted by MacroGenics. The SOPHIA study is a randomized, open-label Phase III clinical trial evaluating margetuximab plus chemotherapy compared to trastuzumab plus chemotherapy in patients with HER2-positive metastatic breast cancer.

The complaint, filed on September 13, 2019, alleges that throughout the Class Period defendants violated the federal securities laws by disseminating false and misleading statements to the investing public and/or failing to disclose adverse facts pertaining to the company’s Phase III SOPHIA trial. 

Specifically, defendants concealed material information and/or failed to disclose that: (a) the company had conducted the progression-free survival (“PFS”) and first interim overall survival (“OS”) analyses for the SOPHIA trial by no later than October 10, 2018; (b) the October 2018 PFS analysis showed a 0.9 month improvement in PFS; and (c) the October 2018 OS interim analysis did not produce a statistically significant result and the interim OS Kaplan-Meier curves (a non-parametric statistic used to estimate the survival function from lifetime data) crossed in several spots (thereby violating the constant hazard assumption) and separated late.  As a result of this information being withheld from the market, MacroGenics common stock traded at artificially inflated prices during the Class Period, reaching a high of $25.60 per share on February 6, 2019.

On May 13, 2019, the American Society of Clinical Oncologists (“ASCO”) posted the SOPHIA study abstract on the Internet.  The abstract disclosed that the October 2018 PFS analysis resulted in a 0.9 month improvement in PFS.  On this news, the price of MacroGenics common stock dropped $1.17 per share, to close at $16.25 per share on May 13, 2019, a decline of 7%.

Then on June 4, 2019, during the ASCO annual meeting, the company disclosed additional data for the SOPHIA trial.  In its presentation, MacroGenics revealed that it had conducted the PFS and OS analyses in October 2018, and the OS analyses for the SOPHIA trial demonstrated Kaplan-Meier curves crossing at several spots with late separation. On this news, the price of MacroGenics common stock dropped 17%, or $3.13 per share, to close at $15.58 per share on June 4, 2019.

To learn more about the Macrogenics class action go to: https://bespc.com/mgnx

ViewRay, Inc. (NASDAQ: VRAY)

Class Period: March 15, 2019 to August 8, 2019

Lead Plaintiff Deadline: November 12, 2019

On August 8, 2019, after the close of trading, ViewRay disclosed operational issues and slashed its previously issued full fiscal year 2019 financial guidance.

On this news, the price of ViewRay common stock price declined by more than 50%, or $3.64 per share, to close down at $3.10 per share on August 9, 2019.

The complaint, filed on September 13, 2019, alleges that throughout the Class Period defendants issued materially false and misleading statements that failed to disclose adverse facts concerning the company’s business, operations and financial results. Specifically: (a) that demand for ViewRay systems had declined due in part to changes being made to Medicare reimbursement approaches first announced in November 2019 that could make purchases of new ViewRay systems less profitable for customers; (b) that the company’s reported backlog was overstated due to the inclusion of orders with insufficient surety as to permit for their inclusion in reported backlog; and (c) that as a result of the foregoing, defendants’ positive statements about ViewRay’s business metrics and financial prospects during the Class Period were materially false and misleading and/or lacked a reasonable basis.

To learn more about the ViewRay class action go to: https://bespc.com/vray

Cadence Bancorp (NYSE: CADE)

Class Period: July 23, 2018 to July 22, 2019

Lead Plaintiff Deadline: November 15, 2019

On July 22, 2019, Cadence disclosed that “higher credit costs including net charge-offs of $18.6 million and loan provisions of $28.9 million” negatively impacted its second quarter 2019 financial results.

On this news, the price of Cadence shares fell $3.75, or over 19%, to close at $15.86 per share on July 22, 2019.

The complaint, filed on September 16, 2019, 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 the company lacked adequate internal controls to assess credit risk; (2) that, as a result, certain of the company’s loans posed an increased risk of loss; (3) that, as a result, the company was reasonably likely to incur significant losses for certain loans; (4) that the company’s financial results would suffer a material adverse impact; and (5) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

For more on the Cadence class action go to: https://bespc.com/cade

ProPetro Holding Corp. (NYSE: PUMP)

Class Period: March 14, 2017 to August 8, 2019

Lead Plaintiff Deadline: November 15, 2019

In March 2017, the company completed its initial public offering (“IPO”), in which it sold 25 million shares of common stock at $14.00 per share.

On August 8, 2019, the company issued a press release delaying its second quarter earnings conference call and quarterly report, citing an ongoing review by its audit committee. In a Form 8-K filed with the SEC on the same day, the company stated that the review concerned, among other things, expense reimbursements and certain transactions involving related parties or potential conflicts of interest. The Form 8-K also stated that approximately $370,000 had been improperly reimbursed to members of senior management since the IPO.

On this news, the company’s share price fell $4.59 per share, or over 26%, to close at $12.75 per share on August 9, 2019.

By the date this class action was filed, ProPetro stock was trading as low as $11.44 per share, a nearly 18% decline from the $14 per share IPO price.

The complaint, filed on September 16, 2019, 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 the company’s executive officers were improperly reimbursed for certain expenses; (2) that the company had engaged in certain undisclosed transactions with related parties; (3) that the company lacked adequate disclosure controls and procedures; (4) that the company lacked effective internal control over financial reporting; and (5) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

For more information on the ProPetro class action go to: https://bespc.com/pump

Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation.  For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com.  Attorney advertising.  Prior results do not guarantee similar outcomes. 

Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com

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