NEW YORK, March 22, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action was filed against Argos Therapeutics, Inc. (NASDAQ: ARGS ) in the United States District Court for the Middle District of North Carolina. The complaint is brought on behalf of all purchasers of Argos securities between February 7, 2014 and February 21, 2017, inclusive (“Class Period”).
Investors who have incurred losses in the shares of Argos Therapeutics, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased shares of Argos Therapeutics, Inc. and would like to assist with the litigation process, you may, no later than May 15, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
Argos focuses on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases in North America. Argos's most advanced product candidate, known as AGS-003, is designed to treat metastatic renal cell carcinoma ("mRCC") and other cancers.
According to the filed complaint, in January 2013, Argos initiated an ADAPT Phase 3 clinical trial to evaluate AGS-003 for the treatment of mRCC. Argos subsequently issued a press release stating that its Phase 2 trial for AGS-003 showed a statistically significant correlation between the magnitude of the immune response and overall survival, and that AGS-003 was the only drug the company was aware of to show this effect with statistical significance. Argos continued to portray a positive outlook for AGS-003, stating that the company was pleased with the progress of the Phase 3 trial and that Argos was well positioned to continue to develop the drug.
The complaint alleges that Argos officials failed to disclose that its Arcentis technology platform was not viable and that ADAPT was likely to be discontinued. On February 22, 2017, Argos filed a Form 8-K with the United States Securities and Exchange Commission (SEC) revealing that the Independent Data Monitoring Committee for ADAPT recommended that the study be discontinued for futility, finding that the study was unlikely to show a statistically significant improvement in overall survival. The company further revealed that it would discuss the data with the United States Food and Drug Administration (FDA) and based on those discussions, it will make a determination as to the next steps for the clinical program.
On this news, Argos's stock fell by 66% to close at $1.48 per share on February 22, 2017.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
