Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Y-mAbs Therapeutics, Inc. who purchased shares between October 6, 2020 and October 28, 2022.
On October 26, 2022, the Food and Drug Administration (“FDA”) released its Briefing Document for the upcoming Advisory Committee (“AdCom”) meeting, identifying key issues in the Company’s application for Omburtamab, its lead product candidate, highlighting the Company’s decision to resubmit the application on March 31, 2022 before it reached an agreement with the FDA on the content, and that the FDA had repeatedly raised its concerns in prior communications and meetings. On this news, shares of Y-mAbs fell by $4.16, or approximately 27.42%, from $15.17 to close at $11.01 on October 26, 2022, and fell again by $2.16, or approximately 19.62%, from $11.01 per share to close at $8.85 on October 27, 2022.
Then, on October 28, 2022, the Company disclosed that the AdCom had voted 16 to 0 that the Company had failed to provide sufficient evidence to conclude that Omburtamab improved overall survival, the same grounds for denial that the Company had previously been advised of during their 2020 application. On this news, shares of Y-mAbs declined by $5.32 per share, or approximately 59.57%, from $8.93 to close at $3.61 on October 31, 2022.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until March 20, 2023 to request that the court appoint them lead plaintiff.