BOSTON, MA / ACCESSWIRE / September 16, 2019 / Berman Tabacco (www.bermantabacco.com), a national law firm representing investors, is investigating possible securities law violations in connection with common shares of MacroGenics, Inc. (“MacroGenics” or the “Company”) (NASDAQ:MGNX) purchased from February 6, 2019 through June 3, 2019, inclusive (the “Class Period”) in the open market or in a February 2019 follow-on equity offering.
In February 2019, the Company completed a follow-on equity offering in which the Company sold 5,500,000 shares of its common stock at a price of $20.00 per share. Additionally, the underwriters of the offering exercised the full amount of their over-allotment option resulting in the sale of an additional 825,000 shares of the Company’s common stock at a price of $20.00 per share.
On September 13, 2019, a lawsuit was filed by another law firm in United States District Court for the District of Maryland, captioned Hill v. MacroGenics, Inc., et al., No. 1:19-cv-02713, against MacroGenics and certain senior officers. The lawsuit asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of purchasers of MacroGenics common stock during the Class Period. The complaint alleges, among other things, that the defendants violated the federal securities laws by disseminating false and misleading statements to the investing public and/or failing to disclose adverse facts pertaining to the Company’s Phase III SOPHIA trial.
In particular, the complaint asserts that the defendants concealed that (i) the Company had conducted the progression-free survival (“PFS”) and first interim overall survival (“OS”) analyses for the SOPHIA trial by no later than October 10, 2018; (ii) the October 2018 PFS analysis showed a 0.9 month improvement in PFS; and (iii) the October 2018 OS interim analysis did not produce a statistically significant result and the interim OS Kaplan-Meier curves (a non-parametric statistic used to estimate the survival function from lifetime data) crossed in several spots (thereby violating the constant hazard assumption) and separated late. The price of MacroGenics common stock dropped 17%, or $3.13 per share, to close at $15.58 per share on June 4, 2019,
Pursuant to the Private Securities Litigation Reform Act of 1995, investors wishing to serve as the lead plaintiff are required to file a motion for appointment with the Court no later than November 12, 2019. If you are a member of the class, you may, no later than November 12, 2019, request that the court appoint you as lead plaintiff for the class.
If you would like more information regarding this investigation, or if you wish to share information about the investigation, you may can find more information here: https://www.bermantabacco.com/case/macrogenics-inc/.
Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by violations of securities and antitrust laws. The firm has 38 lawyers in Boston, Massachusetts and San Francisco, California.
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SOURCE: Berman Tabacco
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