Boston, Massachusetts--(Newsfile Corp. - August 20, 2021) - The Massachusetts office of Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Sesen Bio, Inc. ("Sesen Bio" or the "Company") (NASDAQ: SESN), a late-stage clinical company with headquarters in Cambridge, Massachusetts.
On August 19, 2021, a class action was filed against Sesen in the Southern District of New York on behalf of persons and entities that purchased or otherwise acquired Sesen Bio securities between December 21, 2020 and August 17, 2021 (the "Class Period").
The complaint alleges, among other things, that during the Class Period, "Defendants failed to disclose to investors: (1) that Sesen Bio's clinical trial for Vicineum had more than 2,000 violations of trial protocol, including 215 classified as 'major'; (2) that three of Sesen Bio's clinical investigators were found guilty of 'serious noncompliance,' including 'back-dating data'; (3) that Sesen Bio had submitted the tainted data in connection with the BLA for Vicineum; (4) that Sesen Bio's clinical trials showed that Vicineum leaked out into the body, leading to side effects including liver failure and liver toxicity, and increasing the risks for fatal, drug-induced liver injury; (5) that, as a result of the foregoing, the Company's BLA for Vicineum was not likely to be approved; (6) that, as a result of the foregoing, there was a reasonable likelihood that Sesen Bio would be required to conduct additional trials to support the efficacy and safety of Vicineum; and (7) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis." The complaint further asserts that "[a]s a result of Defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages."
If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later October 18, 2021. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
If you purchased Sesen securities between December 21, 2020 and August 17, 2021 and sustained losses in excess of $50,000, and would like more information in applying to serve as lead plaintiff, or if you wish simply to share information about the investigation, please visit: https://www.bermantabacco.com/case/sesen-bio-inc/.
Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.
This notice may constitute attorney advertising.
Contact:
Jay Eng, Esq.
(800) 516-9926
Email: law@bermantabacco.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/93901
