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 - Seite 2

On February 21, 2023, Infinity’s market cap was around $50 million, with $40 million in cash and a pipeline of products. On February 24, 2023, Infinity had a $20 million market cap, trading at half its cash value and essentially allocating $0 value to its pipeline. The combined market caps of both Infinity and MEI was $50 million. David Usso, of MEI, stated on the Webcast that expected cash after the merger was expected to be $100 million. So the price at which the two companies were trading was equivalent to only half of cash on hand.

On July 24, 2023, Infinity announced that the merger had been terminated, because shareholders of the merging company voted against it. On this news, Infinity’s stock price fell $0.09, or 40%, to close at $.13 per share on July 24, 2023, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Infinity overstated its prospects for a breast cancer treatment; (2) Infinity was overly optimistic about its breast cancer studies; (3) all the foregoing, once revealed, was likely to negatively impact Infinity’s business, financial results, and reputation; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Infinity securities during the Class Period, you may move the Court no later than October 16, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Tom Kennedy, Esquire, of GPM, 230 Park Avenue, Suite 358, New York, NY 10169 at 212-682-5340, by email to [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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The Infinity Pharmaceuticals Stock at the time of publication of the news with a raise of +0,09 % to 0,110USD on Nasdaq stock exchange (17. August 2023, 20:39 Uhr).