Company: TG Therapeutics, Inc.
Class Period: June 4, 2018 — September 25, 2018
Court: U.S.D.C. – Southern District of New York
Deadline: December 3, 2018
Kaskela Law LLC announces that an investor class action lawsuit has been filed against TG Therapeutics, Inc. (NASDAQ: TGTX) (“TG” or the “Company”) on behalf of purchasers of the Company’s common stock between June 4, 2018 and September 25, 2018, inclusive (the “Class Period”).
TG is a developmental biopharmaceutical company focused on the acquisition, development and commercialization of novel treatments for B-cell malignancies and autoimmune diseases. The Company is developing two therapies targeting hematologic malignancies: TG-1101 (ublituximab), a glycoengineered monoclonal antibody that targets a unique epitope on the CD20 antigen found on mature B-lymphocytes, and TGR-1202 (umbralisib), an orally available PI3K delta inhibitor. During the Class Period, TG was engaged in a randomized controlled Phase 3 trial to evaluate TG-1101 in combination with TGR-1202 for patients with front-line and previously treated Chronic Lymphocytic Leukemia (“CLL”), known as the UNITY-CLL Trial.
The complaint alleges that defendants made materially false and misleading statements during the Class Period and failed to disclose to investors that: (i) TG was involved in cleaning the data collected in the UNITY-CLL Trial and, as a result, was able to gain an understanding as to the efficacy of the combination therapy; (ii) as a result of that data cleaning, TG knew the UNITY-CLL Trial had failed to meet its stated goal, and that, as a result, the Company would not be able to seek accelerated approval; and (iii) given that the UNITY-CLL Trial had failed to meet its stated goal, it was highly unlikely that the combination therapy would meet its primary endpoint of increased progression free survival – in other words, the drug therapy had failed.
On September 25, 2018, TG announced that it would not be releasing the data from the UNITY-CLL Trial, and that it had failed to meet the trial’s stated goal. The Company also announced that the Data Safety Monitoring Board had met to review ongoing data from the UNITY-CLL Trial and had advised the Company that the interim analysis of the study data could not be conducted at this time because the data was not sufficiently mature to conduct the analysis. Following this news, shares of TG’s common stock declined $4.10 per share, or over 44% in value, to close at $5.15 per share on September 25, 2018.
IMPORTANT DEADLINE: Investors who purchased TG’s common stock during the Class Period may, no later than December 3, 2018, seek to be appointed as a lead plaintiff representative of the class.
Investors who purchased the Company’s common stock during the Class Period and suffered a financial loss in excess of $100,000 are encouraged to contact Kaskela Law LLC at (888) 715 – 1740 to discuss their legal rights and options and/or complete the information form on this page.