Boston, Massachusetts--(Newsfile Corp. - August 25, 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.
About the Securities Class Action Filed
On August 19, 2021, a class action was filed against Sesen Bio 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."
New Developments
On August 25, 2021, before the market open, Sesen filed a Form 8-K with the Securities and Exchange Commission disclosing that the Company "withdrew its marketing authorization application ('MAA') to the European Medicines Agency ('EMA') for Vysyneum™ for the treatment of BCG-unresponsive non-muscle invasive bladder cancer ('NMIBC')." The Company further stated, "[g]iven that certain components in the EMA's review are interrelated with elements of the US Food and Drug Administration's ('FDA') decision to issue a complete response letter regarding the Company's Biologics License Application ('BLA') for Vicineum™ for the treatment of BCG-unresponsive NMIBC, the Company is pausing its plans to pursue regulatory approval of Vysyneum in Europe until there is more clarity from the FDA on the next steps in the United States."
How to Seek Appointment As Lead Plaintiff
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. An investor's ability to share in any potential future recovery is not dependent upon serving as Lead Plaintiff.
A Lead Plaintiff is appointed by the court to represent the members of the putative class in the lawsuit. Typically, the Lead Plaintiff is the applicant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
If you sustained losses in excess of $50,000 from your transactions in Sesen Bio securities during the Class Period and are interested in learning more about serving as Lead Plaintiff, please provide your information here: https://bit.ly/3DfN8gZ .
Berman Tabacco typically represents individuals and entities in class actions on a contingency fee basis, meaning we advance all attorneys' fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys' fees and the reimbursement of expenses from any settlement fund. If we are not successful, you will not be responsible for the reimbursement of attorneys' fees or expenses.
About Berman Tabacco
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/94402
