Shareholder rights law firm Robbins LLP announces that a purchaser of AnaptysBio, Inc. (NASDAQ: ANAB) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between October 10, 2017 and November 7, 2019. AnaptysBio is a clinical stage biotechnology company that engages in developing antibody product candidates focused on unmet medical needs in inflammation. AnaptysBio’s lead drug candidate is etokimab, which treats various inflammatory diseases.
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AnaptysBio, Inc. (ANAB) Accused of Misleading Shareholders
According to the complaint, in October 2017, AnaptysBio touted “positive” data from its phase 2a clinical trial of etokimab, stating it provided “a solid foundation for the continued development of [etokimab] across a number of atopic diseases” and that the drug’s efficacy was “very encourag[ing].” However, on March 26, 2018, RBC Capital Markets issued a report questioning the veracity of AnaptysBio’s interim analysis of its Phase 2a trial. On April 4, 2018, RBC Capital Markets reduced its price target on the Company’s stock and highlighted “concern surrounding management credibility.” The legitimacy of etokimab’s efficacy in the treatment of inflammatory diseases came into question again on June 21, 2019, when Credit Suisse issued a report doubting the veracity of the Company’s Phase 2a atopic dermatitis data, citing AnaptysBio’s small sample size and failure to provide critical details. Finally, on November 8, 2019, AnaptysBio announced disappointing data from its Phase 2b study that revealed that etokimab “failed to meet the primary endpoint of the trial.” On this news, several analysts downgraded the AnaptysBio’s stock and the Company’s share price fell $25.98, a staggering 72%, to close at $10.18 per share.
AnaptysBio, Inc. (ANAB) Shareholders Have Legal Options
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