Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Athenex, Inc. (“Athenex” or the “Company”) (NASDAQ: ATNX) and certain of its officers, alleging violations of federal securities laws. If you purchased Athenex common stock between August 7, 2019 and February 26, 2021, inclusive (the “Class Period”), and have suffered a loss, you are encouraged to contact attorney Joe Pettigrew for additional information at (844) 818-6982 or jpettigrew@scott-scott.com .
Athenex is a “global clinical stage biopharmaceutical company dedicated to becoming a leader in discovery, development, and commercialization of next generation drugs.” One of Athenex’s main drug candidates is Oral Paclitaxel and Encequidar, designed to treat metastatic breast cancer.
The lawsuit alleges, among other things, that the Company made materially false and/or misleading statements by failing to disclose in its New Drug Application (“NDA”) to the Federal Drug Administration (“FDA”) that its drug presented a safety risk to patients; that its drug’s efficacy was in question; that the Company’s testing and review processes were both flawed and introduced unmeasured bias and influence; and that, as a result, it was foreseeable that the FDA would not approve the NDA. The lawsuit also alleges the Company made misleading statements touting the effectiveness of its drug, its strong communications with the FDA throughout the drug-development process, and the imminence of realizing its commercial goals for the drug.
On March 1, 2021, the Company announced that the FDA had issued a Complete Response Letter for the drug stating that it “recommended that Athenex conduct a new adequate and well-conducted clinical trial.”
On this news, the price of Athenex’s shares plummeted from the February 26, 2021 close price of $21.10 per share to a close price of just $5.46 on March 1, 2021, a one-day drop of nearly 55%.
What You Can Do
If you purchased Athenex common stock between August 7, 2019 and February 26, 2021 , or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 or jpettigrew@scott-scott.com . The lead plaintiff deadline is May 3, 2021.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(844) 818-6982
jpettigrew@scott-scott.com