Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Infinity Pharmaceuticals, Inc. (INFI) Investors

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Infinity Pharmaceuticals, Inc. (INFI) (“Infinity” or the “Company”) (Nasdaq: INFI) securities between January 5, 2022 and July 24, 2023, inclusive (the “Class Period”). Infinity investors have until October 16, 2023 to file a lead plaintiff motion.

If you suffered a loss on your Infinity investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can contact Tom Kennedy, of GPM at 212-682-5340, or via email at [e-mail] to learn more about your rights.

For over a year, Defendants pushed the false narrative that Infinity’s flagship product, eganelisib, was proceeding apace in its clinical studies as a treatment for breast cancer. Specifically, Infinity touted two clinical studies: (1) MARIO-4, a randomized, double-blind Phase 3 study; and (2) MARIO-P, a platform study to evaluate additional combinations and indications where eganelisib might increase the effectiveness of available therapies.

On February 23, 2023, before the stock market opened, Infinity announced via a webcast (the “Webcast”) that it had entered into a merger agreement with MEI Pharma, Inc. The proposed transaction was all stock, pursuant to which Infinity shareholders would receive shares of MEI common stock. Infinity would become a wholly-owned subsidiary of MEI, with outstanding equity post-closing being held 58% by MEI shareholders and 42% by Infinity shareholders.

During the Webcast, Defendant Perkins stated Infinity would “prioritize head and neck cancer.” No mention at all was made of breast cancer treatments. It was as if MARIO-4 and MARIO-P never existed, and breast cancer was never a priority for eganelisib treatment.

This pivot did not go unnoticed by the stock market, and the value of Infinity stock plummeted. Infinity stock had closed at $0.55 on February 22, 2023. The following day, on extraordinary volume of over 3 million shares, Infinity stock lost half its volume, closing at $0.28 per share. Typically, volume of shares traded on a daily basis was fewer than 500,000 shares. Infinity stock averaged over 2 million shares traded per day over the next week as the market absorbed the shocking news.