Shareholder Alert Robbins LLP Announces MEI Pharma, Inc. (MEIP) Accused of Misleading Shareholders

Nachrichtenquelle: Business Wire (engl.)
13.08.2020, 00:35  |  116   |   |   

Shareholder rights law firm Robbins LLP announces that a purchaser of MEI Pharma, Inc. (NASDAQ: MEIP) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between August 2, 2017 and July 1, 2020. MEI Pharma is a late-stage pharmaceutical company that focuses on the development of various therapies for the treatment of cancer. One of MEI Pharma's drug candidates is Pracinostat, an oral histone deacetylase (“HDAC”) inhibitor.

If you suffered a loss as a result of MEI Pharma's misconduct, click here.

MEI Pharma, Inc. (MEIP) Accused of Misleading Shareholders

According to the complaint, in 2016 MEI Pharma entered into an exclusive license agreement with Helsinn Healthcare SA, a Swiss pharmaceutical corporation (“Helsinn”), in which Helsinn would develop, manufacture, and commercialize Pracinostat while MEI Pharma received $20 million for the grant rights with potential to receive up to $444 million in regulatory and sales-based milestones along with royalty payments. In August 2017, MEI Pharma and Helsinn announced the beginning of the Phase 3 Pracinostat trial after "the potential of [P]racinostat … was demonstrated in the Phase 2 study," touting that the "well-powered, rigorously designed Phase 3 study" would bring Pracinostat one step closer to becoming a treatment for those with AML. In later SEC reports and filings, MEI Pharma continued to tout the "potency" and median overall survival of patients in the Phase 2 trial of Pracinostat. Despite the Company's positive representations of the drug, on July 2, 2020, MEI Pharma announced it was discontinuing the Phase 3 Pracinostat trial, revealing that an interim futility analysis of the study "demonstrated [Pracinostat] was unlikely to meet the primary endpoint of overall survival compared to the control group." On this news, MEI Pharma's shares fell 18% to close at $3.49 per share.

MEI Pharma, Inc. (MEIP) Shareholders Have Options

Contact us to learn more:
Lauren Levi
(800) 350-6003
Shareholder Information Form

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