The Law Offices of Frank R. Cruz reminds investors of the upcoming June 4, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Checkpoint Therapeutics, Inc. (“Checkpoint” or the “Company”) (NASDAQ: CKPT) securities between March 10, 2021 and December 15, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On December 18, 2023, Checkpoint disclosed that the U.S. Food and Drug Administration (“FDA”) had not approved the Biologics License Application (“BLA”) that the Company had submitted for its metastatic cutaneous squamous cell carcinoma (“cSCC”) treatment, cosibelimab. Specifically, the Company stated that the FDA had issued a complete response letter which “cites findings that arose during a multi-sponsor inspection of Checkpoint’s third-party [CMO] as approvability issues to address in a resubmission.”
On this news, Checkpoint’s stock price fell $1.49, or 44.9%, to close at $1.83 per share on December 18, 2023, thereby injuring investors.
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 failed to disclose to investors that: (1) Checkpoint had overstated its oversight of, and/or its establishment of adequate manufacturing standards and controls over, its third-party contract manufacturers; (2) accordingly, there were one or more issues with the Company’s third-party contract manufacturing organization (“CMO”) for cosibelimab; (3) all the foregoing reduced the likelihood that the FDA would approve the cosibelimab BLA in its present form; (4) as a result, the manufacturing, regulatory, and commercial prospects of cosibelimab were overstated; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Checkpoint securities during the Class Period, you may move the Court no later than June 4, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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