NEW ORLEANS, March 10, 2023 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until March 20, 2023 to file lead plaintiff applications in a securities class action lawsuit against Y-mAbs Therapeutics, Inc. (NasdaqGS: YMAB), if they purchased the Company’s securities between October 6, 2020 and October 28, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
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Y-mAbs investors should visit us at https://claimsfiler.com/cases/nasdaq-ymab/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Y-mAbs and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
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.
The case is Corwin v. Y-mAbs Therapeutics, Inc., et al., No. 23-cv-00431.
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