Johnson Fistel Files Class Action Suit against TG Therapeutics, Inc.
Johnson Fistel, LLP announces that a class action has been commenced on behalf of purchasers of TG Therapeutics, Inc. (NASDAQ:TGTX) (“TG”) common stock during the period between June 4, 2018 and September 25, 2018 (inclusive the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later November 27, 2018. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Jim Baker at (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number. To view a copy of the complaint [Click here].
The complaint charges TG and its Chief Executive Officer with violations of the Securities Exchange Act of 1934. TG is a developmental biopharmaceutical company focused on the acquisition, development and commercialization of novel treatments for B-cell malignancies and autoimmune diseases. The Company is developing two therapies targeting hematologic malignancies: TG-1101 (ublituximab), a glycoengineered monoclonal antibody that targets a unique epitope on the CD20 antigen found on mature B-lymphocytes, and TGR-1202 (umbralisib), an orally available PI3K delta inhibitor. During the Class Period, TG was engaged in a randomized controlled Phase 3 trial to evaluate TG-1101 in combination with TGR-1202 for patients with front-line and previously treated Chronic Lymphocytic Leukemia (“CLL”), known as the UNITY-CLL Trial.
The complaint alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding TG’s business and prospects. Specifically, the complaint alleges defendants failed to disclose that TG was involved in cleaning the data collected in the UNITY-CLL Trial and, as a result, was able to gain an understanding as to the efficacy of the combination therapy; that, as a result of that data cleaning, TG knew the UNITY-CLL Trial had failed to meet its stated goal, and that, as a result, the Company would not be able to seek accelerated approval; and that, given that the UNITY-CLL Trial had failed to meet its stated goal, it was highly unlikely that the combination therapy would meet its primary endpoint of increased progression free survival – in other words, the drug therapy had failed. As a result of defendants’ false statements and/or omissions, the price of TG common stock was artificially inflated during the Class Period to as high as $14.70 per share.
Then, on September 25, 2018, TG announced that it would not be releasing the data from the UNITY-CLL Trial and that it had failed to meet the trial’s stated goal. The Company issued a press release announcing that the Data Safety Monitoring Board had met to review ongoing data from the UNITY-CLL Trial and had advised the Company that the interim analysis of the study data could not be conducted at this time because the data was not sufficiently mature to conduct the analysis. In response to the news that the UNITY-CLL Trial had failed to meet its stated goal and that potential commercialization would be greatly delayed, the price of TG stock declined 44%, falling from $9.25 per share to $5.15 per share.
Plaintiff seeks to recover damages on behalf of all purchasers of TG common stock during the Class Period (the “Class”). The plaintiff is represented by Johnson Fistel, which has broad experience in prosecuting investor class actions including actions involving financial fraud.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com