NEW YORK, Nov. 10, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in ProNAi Therapeutics, Inc. (“ProNAi” or the “Company”) (NASDAQ: DNAI ) of the January 9, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased ProNAi stock or options between July 15, 2015 and June 6, 2016 (the “Class Period”). The case, Gregory v. ProNAi Therapeutics Inc. et al , No. 16-cv-08703 was filed on November 9, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the efficacy and safety of its only product candidate—PNT2258, a drug designed to target cancers that overexpress B-cell lymphoma—and its ability to meet primary and secondary endpoints during clinical trials.
After months of continuously touting PNT2258, on June 6, 2016, the Company issued a press release announcing interim data for the two Phase 2 trials revealing that PNT2258 had failed to produce sufficient efficacy results to justify its continued clinical development. Given the results of these trials, the Company further announced that it would be suspending all clinical development of PNT2258.
After the announcement, ProNAi’s share price fell from $6.38 per share on June 3, 2016 to a closing price of $2.07 on June 6, 2016—a $4.31 or a 67.6% drop.
Request more information now by clicking here: www.faruqilaw.com/DNAI . There is no cost or obligation to you.
Take Action
If you invested in ProNAi stock or options between July 15, 2015 and June 6, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/DNAI . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding ProNAi’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
