NEW YORK, NY / ACCESSWIRE / June 20, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Magenta Therapeutics, Inc. ("Magenta" or the "Company") (MGTA). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Magenta and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 11, 2020, Magenta issued a press release announcing the Company's "strategic decision to discontinue enrollment in Phase 2 study of MGTA-456 in inherited metabolic disorders (IMDs) and prioritize resources toward stem cell mobilization and conditioning programs." Magenta advised that its "decision was the result of several factors: enrollment challenges common to rare disease populations, particularly during the COVID-19 pandemic; a growing understanding in the field of the current challenges of allogeneic stem cell transplant in patients with non-malignant diseases, such as IMDs; and feedback from the FDA on endpoints and clinical trial design for registration." On this news, Magenta's stock price fell sharply during intraday trading on June 11, 2020, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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