Robbins Geller Rudman & Dowd LLP (http://www.rgrdlaw.com/cases/macrogenics/) today announced that a class action has been commenced on behalf of purchasers of MacroGenics, Inc. (NASDAQ:MGNX) common stock during the period between February 6, 2019 and June 3, 2019 (the "Class Period"). This action was filed in the District of Maryland and is captioned Hill v. MacroGenics, Inc., et al., No. 19-cv-2713.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased MacroGenics common stock during the Class Period to seek appointment 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. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Brian E. Cochran of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. You can view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/macrogenics/.
The complaint charges MacroGenics and certain of its officers and directors with violations of the Securities Exchange Act of 1934. MacroGenics is a clinical stage biopharmaceutical company focused on the development of antibody-based therapeutics designed to control the human immune response for the treatment of cancer in the United States. Its pipeline of immuno-oncology product candidates includes margetuximab, an investigational monoclonal antibody that targets the HER2 oncoprotein. HER2 is expressed by tumor cells in breast, gastroesophageal and other solid tumors. 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 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. As a result of 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. As a result of 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.
Plaintiff seeks to recover damages on behalf of all purchasers of MacroGenics common stock during the Class Period (the "Class"). The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For six consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.