Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Stemline Therapeutics (NASDAQ: STML) in connection to alleged violations of securities laws by STML. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Stemline Therapeutics between January 21, 2016 and June 27, 2016.
The lawsuit specifically alleges that during the period in question, Stemline Therapeutics might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that a patient in the company’s clinical trial for its cancer treatment SL-401 had died on January 18, 2017; that the company failed to disclose this information when it announced a public offering of 4.5 million shares of STML common stock at $10/share; and that thus the company’s statements about its prospects, business and operations were false and/or misleading. When the company disclosed the the patient’s death on February 2, 2017, STML descended $4.15/share, or 42.5%, to close at $5.60 share.
According to the company’s website, Stemline Therapeutics “is a clinical stage biopharmaceutical company developing novel oncology therapeutics. Stemline is developing three clinical stage product candidates, SL-401, SL-801, and SL-701.” The description continues: “SL-401 is a targeted therapy directed to the interleukin-3 receptor (CD123) present on a wide range of malignancies. A Phase 2 potentially pivotal trial with SL-401 is enrolling patients with blastic plasmacytoid dendritic cell neoplasm (BPDCN). The U.S. Food and Drug Administration (FDA) granted SL-401 Breakthrough Therapy Designation (BTD) based on data from this ongoing trial, which is demonstrating high overall response rates (ORR), with multiple complete responses (CRs). Patients are also being followed for response duration and outcomes. In addition, ongoing Phase 2 trials with SL-401 are currently enrolling patients with additional malignancies including acute myeloid leukemia (AML) in remission with minimal residual disease (MRD) and advanced, high risk myeloproliferative neoplasms (MPN) of unmet medical need. A Phase 1/2 trial in relapsed/refractory multiple myeloma with SL-401 in combination with standard therapies is also enrolling patients.”
A class action lawsuit has already been filed in connection with Stemline Therapeutics. If you wish to serve as lead plaintiff in the STML lawsuit, you must move the Court no later than April 4, 2017. If you wish to join the litigation, please contract Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.