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NEW YORK, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against MacroGenics, Inc. (“MacroGenics” or “the Company”) (NASDAQ: MGNX) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired MacroGenics securities between February 6, 2019 and June 3, 2019, both dates inclusive. Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/mgnx.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) the October 2018 PFS analysis showed a 0.9 month improvement in PFS; and (3) 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; and (4) as a result, MacroGenic's public statements were materially false and misleading at all relevant times.
On May 13, 2019, the American Society of Clinical Oncologists (“ASCO”) posted online the abstract of MacroGenics’ Phase III SOPHIA study of the Company’s margetuximab product, which disclosed that the October 2018 progression-free survival (“PFS”) analysis resulted in a 0.9 month improvement in PFS. On this news, MacroGenics’ stock price fell $1.17 per share, or 6.72%, to close at $16.25 per share on May 13, 2019. Then, on June 4, 2019, during the ASCO annual meeting in Chicago, Illinois, MacroGenics disclosed additional data for the SOPHIA trial. MacroGenics’ presentation revealed to the public that the Company had conducted its PFS and overall survival (“OS”) analyses in October 2018, and that the OS analyses for the SOPHIA trial did not reflect encouraging post-treatment survival statistics for patients. On this news, Macrogenics’ stock price fell $3.13 per share, or 16.73%, to close at $15.58 per share on June 4, 2019.
If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/mgnx or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in MacroGenics you have until November 12, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org