A lawsuit was filed on behalf of investors in Karyopharm Therapeutics Inc. (NASDAQ: KPTI) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/08/2019 -- An investor, who purchased shares of Karyopharm Therapeutics Inc. (NASDAQ: KPTI), filed a lawsuit against Karyopharm Therapeutics Inc over alleged violations of Federal Securities Laws.
Investors who purchased shares of Karyopharm Therapeutics Inc. (NASDAQ: KPTI) have certain options and for certain investors are short and strict deadlines running. Deadline: September 23, 2019. NASDAQ: KPTI investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Newton, MA based Karyopharm Therapeutics Inc., an oncology-focused pharmaceutical company, engages in the discovery, development, and commercialization of various drugs directed against nuclear export and related targets for the treatment of cancer and other diseases. Karyopharm Therapeutics Inc is developing small molecule selective inhibitor of nuclear export (SINE) compounds that inhibit the nuclear export protein exportin 1 Its lead compound is XPOVIO (selinexor), which has received approval from the Food and Drug Administration in combination with dexamethasone as a treatment for patients with heavily pretreated multiple myeloma, as well as is under review by the European Medicines Agency.
On February 22, 2019, when the Federal Drug Administration ("FDA") released a briefing document that expressed serious concerns with selinexor. Specifically, the FDA revealed that, contrary to Karyopharm's assurances, one of the previously cancelled selinexor trials had resulted in "worse overall survival" for certain patients treated with selinexor, which "highlight[ed] the toxicity of this drug." The FDA unambiguously concluded that "[t]reatment with selinexor is associated with significant toxicity" and has "limited efficacy."
Shares of Karyopharm Therapeutics Inc. (NASDAQ: KPTI) declined from $21.71 per share in August 2018 to as low as $3.92 per share on March 1, 2019.
The plaintiff alleges, that the defendants violated Federal Securities Laws. The plaintiff claims violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Karyopharm Therapeutics Inc. (NASDAQ: KPTI) common stock during the time period of March 2, 2017 and February 22, 2019, and violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 on behalf of all persons who purchased or otherwise acquired Karyopharm Therapeutics Inc. (NASDAQ: KPTI common stock in or traceable to the Company's public offerings of common stock conducted on or around April 28, 2017 and May 7, 2018.
More specifically, the plaintiff alleges that the Defendants' material misrepresentations and omissions center on Defendants' claims regarding results from clinical trials for selinexor's treatment of patients with certain types of blood cancer, that the, Defendants claimed that selinexor studies showed that selinexor was "well-tolerated" by patients and explained that there were "no new clinically significant adverse events in the patients receiving selinexor", and that the Company repeatedly touted the commercial prospects for selinexor and consistently described selinexor as having a "predictable and manageable tolerability profile" and a "very nice safety profile", while in reality, selinexor was unsafe with limited efficacy.
Those who purchased shares of Karyopharm Therapeutics Inc. (NASDAQ: KPTI) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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