MGNX CLASS ACTION ALERT: Bernstein Liebhard LLP Announces the Filing of a Securities Class Action Lawsuit Against MacroGenics, Inc.
NEW YORK, Sept. 17, 2019
NEW YORK, Sept. 17, 2019 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of MacroGenics, Inc. ("MacroGenics" or the "Company") (NASDAQ: MGNX) between February 6, 2019 and June 3, 2019, inclusive (the "Class Period"). The lawsuit filed in the United States District Court for the District of Maryland alleges violations of the Securities Exchange Act of 1934.
If you purchased MacroGenics securities, and/or would like to discuss your legal rights and options please visit MacroGenics Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants concealed material information and/or failed to disclose that: (a) the Company had conducted the progression-free survival (PFS) and first interim overall survival (OS) analyses for the SOPHIA trial by no later than October 10, 2018; (b) the October 2018 PFS analysis showed a 0.9 month improvement in PFS; and (c) the October 2018 OS interim analysis did not produce a statistically significant result and the interim OS Kaplan-Meier curves (a non-parametric statistic used to estimate the survival function from lifetime data) crossed in several spots (thereby violating the constant hazard assumption) and separated late. As a result of this information being withheld from the market, MacroGenics common stock traded at artificially inflated prices during the Class Period, reaching a high of $25.60 per share on February 6, 2019. On May 13, 2019, the American Society of Clinical Oncologists (ASCO) posted the SOPHIA study abstract on the Internet. The abstract disclosed that the October 2018 PFS analysis resulted in a 0.9 month improvement in PFS. As a result of this news, the price of MacroGenics common stock dropped $1.17 per share, to close at $16.25 per share on May 13, 2019, a decline of 7%.
The truth began to emerge on June 4, 2019, during the ASCO annual meeting, when the Company disclosed additional data for the SOPHIA trial. In its presentation, MacroGenics revealed that it had conducted the PFS and OS analyses in October 2018, and the OS analyses for the SOPHIA trial demonstrated Kaplan-Meier curves crossing at several spots with late separation.
On this news, the Company's common stock dropped 17%, or $3.13 per share, to close at $15.58 per share.
If you wish to serve as lead plaintiff, you must move the Court no later than November 12, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased MacroGenics securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/macrogenicsinc-mgnx-shareholder-class-action-lawsuit-fraud-stock-179/apply/or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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