NEW YORK, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tyme Technologies, Inc. (“Tyme” or the “Company”) (NASDAQ: TYME ) of the March 29, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Tyme stock or options between March 14, 2018 and January 18, 2019 and would like to discuss your legal rights, click here : www.faruqilaw.com/Tyme . There is no cost or obligation to you.
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.
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26 th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
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 Tyme securities between March 14, 2018 and January 18, 2019 (the “Class Period”). The case, Canas v. Tyme Technologies, Inc. et al., No. 19-cv-00843 was filed on January 28, 2019, and has been assigned to Judge Ronnie Abrams.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Tyme had not adequately designed the Phase II Study to present reliable results on the efficacy of SM-88 on pancreatic cancer; (2) Tyme had failed to include an appropriate control group in its openlabel Phase II clinical trial for SM-88; (3) the omission of an appropriate control group distorted the reliability of data showing the efficacy of SM-88 in the Phase II Study; and (4) as a result, Tyme’s public statements were materially false and misleading at all relevant times.
Specifically, 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, the Company's stock price fell from $3.73 per share on January 17, 2019 to $2.41 per share on January 18, 2018—a $1.32 or 35.39% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who 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 to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Tyme’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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