SAN DIEGO, July 30, 2024 (GLOBE NEWSWIRE) — Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired MacroGenics, Inc. (NASDAQ: MGNX) common stock between March 7, 2024 and May 9, 2024. MacroGenics is a biopharmaceutical company focused on discovering, developing, manufacturing, and commercializing innovative monoclonal antibody-based therapeutics for the treatment of cancer.
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The Allegations: Robbins LLP is Investigating Allegations that MacroGenics, Inc. (MGNX) Misled Investors Regarding the Viability of its Drug Candidate
According to the complaint, during the class period, defendants made overwhelmingly positive statements regarding the viability and efficacy of the Company’s TAMARACK Phase 2 study of vobramitamab duocarmazine (vobra duo) in patients with metastatic astration – resistant prostate cancer (mCRPC) – while concealing material adverse facts related to early interim safety data results from the TAMARACK Phase 2 study. When the truth was revealed on May 9, 2024, including five events with fatal outcomes, the price of MGNX’s common stock declined by over 77%, or $11.36 per share, to close at $3.31 per share on May 10, 2024.
What Now: You may be eligible to participate in the class action against MacroGenics, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by September 24, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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