New York, New York--(Newsfile Corp. - May 22, 2020) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in CytomX Therapeutics, Inc. (NASDAQ: CTMX) ("CytomX" or the "Company") of the July 20, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in CytomX stock or options between May 17, 2018 and May 13, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/CTMX. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased CytomX securities between May 17, 2018 and May 13, 2020 (the "Class Period"). The case, Knight v. CytomX Therapeutics, Inc. et al., No. 20-cv-03432 was filed on May 21, 2020, and has been assigned to Judge Beth Labson Freeman.
CytomX develops a class of investigational antibody therapeutics based on its Probody technology platform for the treatment of cancer. CytomX's lead product candidates in the clinical stage include, among others, CX-072 and CX-2009.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (i) CytomX had downplayed issues with CX-072's efficacy observed in the PROCLAIM-CX-072 clinical program; (ii) CytomX had similarly downplayed issues with CX-2009's efficacy and safety observed in the PROCLAIM-CX-2009 clinical program; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
On May 13, 2020, CytomX made available abstracts for the Company's clinical presentations for CX-072 and CX-2009. Results from the PROCLAIM-CX-072 clinical program showed a response rate of 8.8%, compared to a response rate of 18.5% in patients receiving the combination of CX-072 and ipilimumab. Meanwhile, results from the PROCLAIM-CX-2009 clinical program showed "evidence" of clinical activity at doses at least 4 mg/kg 3x/week, but also suggested a significantly higher rate of serious or greater treatment-related toxicity to the eyes at dose equivalents at least 8 mg/kg 3x/week.
On this news, CytomX's share price fell from $14.44 per share on May 13, 2020 to a closing price of $9.23 on May 14, 2020: a $5.21 or a 36.08% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding CytomX's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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