NEW YORK, Aug. 03, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Tokai Pharmaceuticals, Inc. (NASDAQ: TKAI ) between June 24, 2015 through July 25, 2016.
You are hereby notified that a securities class action has been commenced in the USDC for the Southern District of New York. If you purchased or otherwise acquired Tokai securities between June 24, 2015 and July 25, 2016, your rights may be affected by this action. To get more information go to : http://zlk.9nl.com/tokai-pharmaceuticals-tkai
The complaint alleges that throughout the Class Period, Defendants issued false and/or misleading statements to investors and/or failed to disclose that: (1) there were noteworthy structural problems with ARMOR3-SV, the trial design for Tokai's pivotal Phase 3 Galeterone study, (2) accordingly, ARMOR3-SV would probably not meet its primary endpoint; (3) therefore, the likelihood of Galeterone's commercialization was not as probable as Tokai had told investors; and (4) consequently, Tokai's financial statements were false and misleading and/or lacked a reasonable basis.
Additionally, on July 26, 2016, Tokai announced it would end a late-stage trial of Galeterone, saying it believed the stage 3 study would not meet its primary endpoint. Following this news, Tokai shares fell from $5.20 on July 25, 2016, to a close of $1.10 on July 26, 2016.
If you suffered a loss in Tokai, you have until September 30, 2016 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. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/tokai-pharmaceuticals-tkai
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
