NEW YORK, NY / ACCESSWIRE / March 1, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Summit Therapeutics Inc. ("Summit" or the "Company") (NASDAQ:SMMT). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Summit and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 20, 2024, Summit reported its financial results for the fourth quarter and full year 2023 and "provide[d] an update on its operational progress". Among other items, Summit reported non-GAAP earnings per share of -$0.04 and no revenue. Summit also disclosed that the maturity date for a $100 million note from its chairman and Chief Executive Officer had been extended from September 6, 2024 to April 1, 2025 and filed a mixed shelf registration statement for the potential sale of up to $450 million of its securities.
On this news, Summit's stock price fell $1.33 per share, or 26.23%, to close at $3.74 per share on February 20, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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