NEW YORK, Feb. 07, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Tyme Technologies, Inc. (“Tyme” or the “Company”) (NASDAQ: TYME) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 19-cv-00843, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Tyme securities between March 14, 2018 and January 18, 2019, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Tyme securities between March 14, 2018, and January 18, 2019, both dates inclusive, you have until March 29, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here to join this class action]
Tyme is a clinical-stage biotechnology company that develops novel cancer therapeutics. The Company was founded in 2011 and is headquartered in New York, New York. Tyme is currently developing SM-88, a combination therapy based on dysfunctional metyrosine derivatives for metastatic pancreatic cancer and biomarker-recurrent prostate cancer.
On March 14, 2018, Tyme announced that the U.S. Food and Drug Administration (“FDA”) had accepted its Investigational New Drug (“IND”) application to initiate the Company’s Phase II clinical trial for SM-88 in pancreatic cancer (the “Phase II Study”).
On March 27, 2018, Tyme commenced a Phase II Study of SM-88, officially titled “A Phase II Multi-Center Study of SM-88 in Subjects With Pancreatic Cancer Whose Disease Has Progressed or Recurred After/on First Line Chemotherapy” (the “Phase II Study”).
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Tyme had not adequately designed the Phase II Study to present reliable results on the efficacy of SM-88 on pancreatic cancer; (ii) Tyme had failed to include an appropriate control group in its open-label Phase II clinical trial for SM-88; (iii) the omission of an appropriate control group distorted the reliability of data showing the efficacy of SM-88 in the Phase II Study; and (iv) as a result, Tyme’s public statements were materially false and misleading at all relevant times.
On January 18, 2019, Tyme reported results from the Phase II Study. Although Tyme characterized the results as positive, stating that SM-88 “improves survival,” the trial did not include a control group, and Tyme’s announcement merely compared survival data to historical controls. Market commentators were quick to highlight this glaring deficiency in the Phase II Study.
On this news, Tyme’s stock price fell $1.32 per share, or 35.39%, to close at $2.41 per share on January 18, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
