NEW YORK, March 17, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Stemline Therapeutics, Inc. (“Stemline” or the “Company”) (NASDAQ: STML ) of the April 4, 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 Stemline stock or options between January 6, 2017 and February 1, 2017 (the “Class Period”). The case, Soileau v. Stemline Therapeutics, Inc. et al , No. 17-cv-01003 was filed on February 10, 2017, and has been assigned to Judge Paul A. Crotty.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the extent of the negative side effects of SL-401, its trial drug therapy directed to the interleukin-3 receptor present on a range of hematologic cancers.
Specifically, during pre-market hours on February 2, 2017, before the market opened, TheStreet published an article stating that on January 18, 2017, a cancer patient in a clinical trial of the Company's SL-401 in blastic plasmacytoid dendritic cell neoplasm (“BPDCN”) died from a severe side effect tied to SL-401. The article stated that on January 17, 2017, the patient had been diagnosed with capillary leak syndrome (“CLS”) and died the next day, “having received only two of the scheduled five doses of SL-401 of the initial treatment cycle.” Later on February 2, 2017, the Company admitted to having received the report regarding the patient death on January 18, 2017, but still executed its public offering of 4.5 million shares at $10.00 per share on January 19, 2017, without disclosing the patient death to investors.
After this news, Stemline’s share price fell from $9.75 per share on February 1, 2017 to a closing price of $5.60 on February 2, 2017—a $4.15 or a 42.6% drop.
Request more information now by clicking here: www.faruqilaw.com/STML . There is no cost or obligation to you.
Take Action
If you invested in Stemline stock or options between January 6, 2017 and February 1, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/STML . 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 Stemline’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
