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News

Yelp Reports Fourth Quarter and Full Year 2019 Financial Results

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Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today posted its financial results for the fourth quarter and full year ended December 31, 2019 in the Q4 2019 Shareholder Letter available on its Investor Relations website at www.yelp-ir.com.

2019 marked a pivotal year for Yelp as we embarked on an ambitious, multi-year business transformation plan, said Jeremy Stoppelman, Yelps co-founder and chief executive officer. We are pleased to have reaccelerated revenue growth in the second half of 2019, while also increasing adjusted EBITDA margin year-over-year. We ended the year with double-digit revenue growth in the fourth quarter and that momentum has continued into 2020, giving us confidence in our ability to achieve our long-term financial targets.

Financial Highlights & Business Outlook

  • Net revenue was $269 million, up 10% from the fourth quarter of 2018, a one percentage point increase from the third quarters growth rate. Greater-than-expected seasonal reductions by small- and medium-sized business customers resulted in reported growth slightly below our outlook for the quarter; this seasonal activity reversed in January, when our non-term advertising business saw record monthly advertiser acquisitions and budget retention
  • Net income was $17 million, or $0.24 per diluted share, compared to $32 million, or $0.37 per diluted share, in the fourth quarter of 2018, reflecting higher income taxes in the fourth quarter of 2019 and a valuation allowance release in the fourth quarter of 2018
  • Adjusted EBITDA1 grew to $61 million, an increase of $8 million, or 15%, compared to the fourth quarter of 2018. Adjusted EBITDA margin increased one percentage point to 23% compared to the fourth quarter of 2018
  • Cash provided by operating activities was $56 million for the fourth quarter of 2019, and we ended the fourth quarter with cash, cash equivalents and marketable securities of $466 million
  • We repurchased a total of 14 million shares in 2019 at an aggregate cost of $481 million, which drove a 12% reduction of our diluted shares outstanding since the start of the year
  • We expect to accelerate revenue growth and expand margins again in 2020. Specifically, we expect Net revenue to grow 10-12% compared to 2019, with Adjusted EBITDA margin increasing by 1-2 percentage points compared to 2019

________________________________

1 Refer to the accompanying financial tables for further details and a reconciliation of the non-GAAP measures presented to the most directly comparable GAAP measures.

Board and Leadership Announcements

  • The Board authorized a $250 million addition to Yelps stock repurchase program. Since initiating the program in August 2017, the Board has authorized the return of nearly $1 billion of capital to Yelp shareholders
  • David Schwarzbach appointed Chief Financial Officer. Mr. Schwarzbach joins Yelp from Optimizely, where he served as Chief Operating Officer and Chief Financial Officer. He is a seasoned finance expert who brings extensive experience in driving growth at consumer data and marketplace companies.
  • Christine Barone, Chief Executive Officer of True Food Kitchen, appointed to Yelps Board of Directors. As a leader in the food and restaurant industry, Ms. Barone brings to Yelps Board valuable and complementary skills and expertise, and shares our commitment to development and innovation. She replaces Mariam Naficy, who stepped down as a Director of the Yelp Board. Ms. Barone will serve as a member of the Nominating and Corporate Governance Committee

Quarterly Conference Call

Yelp will host a live Q&A session today at 2:00 p.m. Pacific Time to discuss the fourth quarter and full year 2019 financial results and its Business Outlook for the first quarter and full year 2020. The webcast of the Q&A can be accessed on the Yelp Investor Relations website at www.yelp-ir.com. A replay of the webcast will be available at the same website.

About Yelp

Yelp Inc. (www.yelp.com) connects people with great local businesses. With unmatched local business information, photos, and review content, Yelp provides a one-stop local platform for consumers to discover, connect, and transact with local businesses of all sizes by making it easy to request a quote, join a waitlist, and make a reservation, appointment, or purchase. Yelp was founded in San Francisco in July 2004.

Yelp intends to make future announcements of material financial and other information through its Investor Relations website. Yelp will also, from time to time, disclose this information through press releases, filings with the Securities and Exchange Commission, conference calls, or webcasts, as required by applicable law.

Forward-Looking Statements

This press release contains forward-looking statements relating to, among other things, Yelps future performance, including expectations of net revenue and Adjusted EBITDA growth in 2020 and Yelps confidence in its potential to achieve its long-term financial targets, that are based on its current expectations, forecasts, and assumptions that involve risks and uncertainties.

Yelps actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Factors that could cause or contribute to such differences include, but are not limited to, Yelps:

  • limited operating history in an evolving industry;
  • ability to generate sufficient revenue to maintain profitability, particularly in light of its significant ongoing sales and marketing expenses;
  • ability to generate and maintain sufficient high-quality content from its users; and
  • ability to maintain and expand its base of advertisers, particularly as an increasing portion of advertisers have the ability to cancel their advertising campaigns at any time.

 

YELP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

December 31, 2019

 

December 31, 2018

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

170,281

 

 

$

332,764

 

Short-term marketable securities

242,000

 

 

423,096

 

Accounts receivable, net

106,832

 

 

87,305

 

Prepaid expenses and other current assets

14,196

 

 

17,104

 

Total current assets

533,309

 

 

860,269

 

Long-term marketable securities

53,499

 

 

Property, equipment and software, net

110,949

 

 

114,800

 

Operating lease right-of-use assets

197,866

 

 

Goodwill

104,589

 

 

105,620

 

Intangibles, net

10,082

 

 

13,359

 

Restricted cash

22,037

 

 

22,071

 

Other non-current assets

38,369

 

 

59,444

 

Total assets

$

1,070,700

 

 

$

1,175,563

 

 

 

 

 

Liabilities and Stockholders Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued liabilities

$

72,333

 

 

$

61,062

 

Operating lease liabilities current

57,507

 

 

Deferred revenue

4,315

 

 

3,843

 

Total current liabilities

134,155

 

 

64,905

 

Operating lease liabilities long-term

174,756

 

 

Other long-term liabilities

6,798

 

 

35,140

 

Total liabilities

315,709

 

 

100,045

 

 

 

 

 

Stockholders equity:

 

 

 

Common stock

 

Additional paid-in capital

1,259,803

 

 

1,139,462

 

Accumulated other comprehensive loss

(11,759

)

 

(11,021

)

Accumulated deficit

(493,053

)

 

(52,923

)

Total stockholders equity

754,991

 

 

1,075,518

 

Total liabilities and stockholders equity

$

1,070,700

 

 

$

1,175,563

 

 

YELP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2019

 

2018

 

2019

 

2018

Net revenue

$

268,823

 

 

$

243,740

 

 

$

1,014,194

 

 

$

942,773

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

Cost of revenue(1)

16,656

 

 

14,255

 

 

62,410

 

 

57,872

 

Sales and marketing(1)

126,370

 

 

121,256

 

 

500,386

 

 

483,309

 

Product development(1)

61,138

 

 

54,273

 

 

230,440

 

 

212,319

 

General and administrative(1)

34,164

 

 

29,677

 

 

136,091

 

 

120,569

 

Depreciation and amortization

12,849

 

 

11,557

 

 

49,356

 

 

42,807

 

Total costs and expenses

251,177

 

 

231,018

 

 

978,683

 

 

916,876

 

Income from operations

17,646

 

 

12,722

 

 

35,511

 

 

25,897

 

Other income, net

2,611

 

 

4,160

 

 

14,256

 

 

14,109

 

Income before income taxes

20,257

 

 

16,882

 

 

49,767

 

 

40,006

 

Provision for (benefit from) income taxes

3,105

 

 

(15,064

)

 

8,886

 

 

(15,344

)

Net income attributable to common stockholders

$

17,152

 

 

$

31,946

 

 

$

40,881

 

 

$

55,350

 

 

 

 

 

 

 

 

 

Net income per share attributable to common stockholders

 

 

 

 

 

 

 

Basic

$

0.24

 

 

$

0.39

 

 

$

0.55

 

 

$

0.66

 

Diluted

$

0.24

 

 

$

0.37

 

 

$

0.52

 

 

$

0.62

 

 

 

 

 

 

 

 

 

Weighted-average shares used to compute net income per share attributable to common stockholders

 

 

 

 

 

 

 

Basic

70,627

 

 

82,706

 

 

74,627

 

 

83,573

 

Diluted

72,987

 

 

86,287

 

 

77,969

 

 

88,709

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation expense as follows:

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2019

 

2018

 

2019

 

2018

Cost of revenue

$

1,119

 

 

$

1,227

 

 

$

4,535

 

 

$

4,572

 

Sales and marketing

7,524

 

 

7,265

 

 

30,668

 

 

30,779

 

Product development

16,861

 

 

15,004

 

 

63,433

 

 

56,882

 

General and administrative

5,001

 

 

5,157

 

 

22,876

 

 

22,153

 

Total stock-based compensation

$

30,505

 

 

$

28,653

 

 

$

121,512

 

 

$

114,386

 

 

YELP INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Year Ended December 31,

 

2019

 

2018

Operating Activities

 

 

 

Net income

$

40,881

 

 

$

55,350

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

49,356

 

 

42,807

 

Provision for doubtful accounts

22,543

 

 

24,515

 

Stock-based compensation

121,512

 

 

114,386

 

Noncash lease cost

41,365

 

 

Deferred income taxes

(2,799

)

 

(15,469

)

Other adjustments, net

(2,997

)

 

(722

)

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

(42,070

)

 

(35,664

)

Prepaid expenses and other assets

(1,349

)

 

(5,192

)

Operating lease liabilities

(41,808

)

 

Accounts payable, accrued liabilities and other liabilities

20,148

 

 

(19,824

)

Net cash provided by operating activities

204,782

 

 

160,187

 

 

 

 

 

Investing Activities

 

 

 

Purchases of marketable securities

(541,451

)

 

(751,237

)

Maturities of marketable securities

674,097

 

 

613,700

 

Sale of investment prior to maturity

 

17,895

 

Release of escrow deposit

28,750

 

 

Purchases of property, equipment and software

(37,522

)

 

(44,972

)

Other investing activities

461

 

 

245

 

Net cash provided by (used in) investing activities

124,335

 

 

(164,369

)

 

 

 

 

Financing Activities

 

 

 

Proceeds from issuance of common stock for employee stock-based plans

32,263

 

 

29,779

 

Taxes paid related to the net share settlement of equity awards

(42,771

)

 

(50,144

)

Repurchases of common stock

(481,011

)

 

(187,382

)

Net cash used in financing activities

(491,519

)

 

(207,747

)

 

 

 

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(115

)

 

360

 

 

 

 

 

Change in cash, cash equivalents and restricted cash

(162,517

)

 

(211,569

)

Cash, cash equivalents and restricted cash Beginning of period

354,835

 

 

566,404

 

Cash, cash equivalents and restricted cash End of period

$

192,318

 

 

$

354,835

 

Non-GAAP Financial Measures

This press release and statements made during the above referenced webcast may include information relating to EBITDA, Adjusted EBITDA and Adjusted EBITDA margin, each of which the Securities and Exchange Commission has defined as a “non-GAAP financial measure.”

We define EBITDA as net income, adjusted to exclude: provision for (benefit from) income taxes; other income, net; and depreciation and amortization.

We define Adjusted EBITDA as net income, adjusted to exclude: provision for (benefit from) income taxes; other income, net; depreciation and amortization; stock-based compensation expense; and, in certain periods, certain other income and expense items. For the full year 2019, these other income and expense items consisted of certain fees related to shareholder activism. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net revenue.

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are key measures used by Yelp management and the board of directors to understand and evaluate core operating performance and trends, to prepare and approve Yelps annual budget and to develop short- and long-term operational plans. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP).

EBITDA and Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of Yelps financial results as reported under GAAP. In particular, EBITDA and adjusted EBITDA should not be viewed as substitutes for, or superior to, net income prepared in accordance with GAAP as a measure of profitability or liquidity. Some of these limitations are:

  • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, Adjusted EBITDA does not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
  • EBITDA and Adjusted EBITDA does not reflect changes in, or cash requirements for, Yelp’s working capital needs;
  • Adjusted EBITDA does not consider the potentially dilutive impact of equity-based compensation;
  • EBITDA and Adjusted EBITDA do not reflect the impact of the recording or release of valuation allowances or tax payments that may represent a reduction in cash available to Yelp;
  • Adjusted EBITDA does not take into account any costs that management determines are not indicative of ongoing operating performance, such as restructuring and integration costs or fees related to shareholder activism; and
  • other companies, including those in Yelps industry, may calculate EBITDA and Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Because of these limitations, you should consider EBITDA, Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including net income and Yelps other GAAP results.

The following is a reconciliation of net income the most directly comparable GAAP financial measure in each case to EBITDA and Adjusted EBITDA (in thousands):

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2019

 

2018

 

2019

 

2018

Reconciliation of Net Income to EBITDA and Adjusted EBITDA:

 

 

 

 

 

 

 

 

Net income

$

17,152

 

 

 

$

31,946

 

 

 

$

40,881

 

 

 

$

55,350

 

 

Provision for (benefit from) income taxes

3,105

 

 

 

(15,064

)

 

 

8,886

 

 

 

(15,344

)

 

Other income, net

(2,611

)

 

 

(4,160

)

 

 

(14,256

)

 

 

(14,109

)

 

Depreciation and amortization

12,849

 

 

 

11,557

 

 

 

49,356

 

 

 

42,807

 

 

EBITDA

30,495

 

 

 

24,279

 

 

 

84,867

 

 

 

68,704

 

 

Stock-based compensation

30,505

 

 

 

28,653

 

 

 

121,512

 

 

 

114,386

 

 

Fees related to shareholder activism(1)

 

 

 

 

 

7,116

 

 

 

 

Adjusted EBITDA

$

61,000

 

 

 

$

52,932

 

 

 

$

213,495

 

 

 

$

183,090

 

 

 

 

 

 

 

 

 

 

 

Net revenue

$268,823

 

 

 

$

243,740

 

 

 

$

1,014,194

 

 

 

$

942,773

 

 

Adjusted EBITDA margin

23

 

%

 

22

 

%

 

21

 

%

 

19

 

%

(1) Recorded within general and administrative expenses on our Condensed Consolidated Statements of Operations.

Investor Relations Contact

Kate Krieger

[email protected]

News

Suncity Group Named Title Sponsor for Local Arts Events

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Fully Supports Macau’s Cultural Industry and the Recovery of Macau

 

MACAU, CHINA – Media OutReach – 20 September 2020 – To revitalize the development of Macau’s cultural industry, Suncity Group fully supports the local arts event, rooting for Macau citizens and local artists through series of astonishing and diversified music entertaining events. ‘Suncity Group Rooting for Macau – SIM! Music Festival 2020’ is the first musical performance of series events title sponsored by Suncity Group, ended perfectly at the Cotai Arena, Venetian Macau on September 19.

[View Image]

Maria Helena de Senna Fernandes, Director of Macau Government Tourist Office, Mr. Kevin Ho, Macau Deputy to the National People’s Congress of PRC, Mr. Alvin Chau, Chief Executive Officer and Director of Suncity Group and President of Macau Artistes Association, Dr. Wilfred Wong, President and Executive Director of Sands China Ltd. attended the event 

‘Best Performance Award’ was awarded to Classic heritage- The Final Trigger by Mr. Alvin Chau

[View Image]

Local singers, artists, dancers and more than 200 people from the industry were assembled to organise this music festival

 

With the purpose of ‘reigniting the local performing arts power’, a group of outstanding local singers, artists, dancers and more than 200 people from the industry were assembled to organise this music festival. A total of 12 units did their utmost to compete in the same stage with singing and dancing. There was no cessation to the excitement and the symphony of applause and cheers in the whole night.

 

The organisers have specially invited Mr. Kevin Ho, Macau Deputy to the National People’s Congress of PRC, Dr. Wilfred Wong, President and Executive Director of Sands China Ltd., Mr. Alvin Chau, Chief Executive Officer and Director of Suncity Group and President of Macau Artistes Association to serve as adjudicators and presenters, witnessing and supporting this diversified music festival that belongs to Macau with the other officiating guests. It shot in the arm of Macau’s cultural industry which has been gradually recovering after the pandemic. After a series of stiff competitions and wonderful performances by the participating units, the ‘Best Styling Award’ went to Walk with Scamper, the ‘Best Teamwork Award’ was awarded to Girls Rock, the ‘Best Positive Energy’ was given to Bacalhau Talkshow & Band, and finally the ‘Best Performance Award’ was awarded to Classic heritage- The Final Trigger by Mr. Alvin Chau.

 

Mr. Chau said, ‘2020 is the year full of difficulties. With the impact of the pandemic, performing arts and cultural industries in mainland China and Macau have been hard hit. Most of the large-scale musical performances have also been suspended. “Suncity Group Rooting for Macau – SIM! Music Festival 2020” as the first music festival of this year, it undoubtedly brings more positive energy to Macau society as well as the cultural industry, pro-actively supporting the development of Macau’s industrial diversification.’

 

As the first extraordinary music feast of series events ended, ‘Suncity Group Rooting for Macau – SIM! Full Band festival 2020’, also title sponsored by Suncity Group, comes immediately thereafter and will be held on September 26. 13 teams of local rock bands will spare no effort to inspire local Macau citizens and awaken their rocking soul. There are also DJ performances, cold beer and snacks at that night, creating a diversified and dynamic rock music festival with hyper performances and mouth-watering delicacies. It once again roots for the recovery of Macau’s economy.

 

As an enterprise rooted in Macau, Suncity Group is committed to the motherland and Macau. With actively fulfilling its social responsibilities, the Group strives to support the recovery of cultural industry in mainland China and Macau as well as the diversified development of Macau in cooperating to national policies and long-term development of China. Through the title sponsorship of the series arts events, Suncity Group hopes to bring more positive energy and get the uptick of confidence to the Macau society.

 

High-resolution images can be downloaded in the gallery:

https://dropbox.suncity-group.com/url/0919sim

About Suncity Group

Suncity Group was founded in 2007. Since establishment, Suncity Group has been striving to provide the extraordinary VIP entertainment service for our guests, and we then opened a number of VIP Clubs in various 6-star hotels and resorts throughout Macau with the rapid growth of our business. Meanwhile, we successively set up exclusive VIP Clubs in Manila, Seoul, Incheon, Phnom Penh and Da Nang, etc.

 

Adhering to the spirit of “Innovating With Diversity, Striving For Success”, Suncity Group spared no effort to develop high-end entertainment services and products as well as roll out global VIP loyalty program for the selected members to enjoy entertainment, travel, catering services, luxury shopping and motion picture. Today, the scope of our business covers most sectors, especially in the fields of global travel, film production, concert and event planning, catering and luxury goods.

 

As a Macau born and bred enterprise, Suncity Group is not only devoted to develop the Asian market, but also oriented to expand the global network. In the future, we will surely continue to diversify our VIP entertainment services, attract more exclusive members and make every effort to promote our business in every corner of the world.

 

Official Website | www.suncitygroup.com.mo/en

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News

CNOOC Limited Announces Commencement of Production at Liuhua 16-2 Oilfield / 20-2 Oilfield Joint Development Project

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HONG KONG, Sept. 20, 2020 /PRNewswire/ — CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Liuhua 16-2 oilfield/ 20-2 oilfield joint development project has commenced production.

Liuhua 16-2 oilfield / 20-2 oilfield joint development project is located in Eastern South China Sea. The average water depth of the joint development project is approximately 410 meters.  One 150,000 DWT FPSO and three underwater production systems are newly built. A total of 26 development wells are planned to be put into production and development. The project is expected to reach its peak production of approximately 72,800 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest of Liuhua 16-2 oilfield/ 20-2 oilfield joint development project.

– End –

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

*** *** *** ***

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks.  For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

*** *** *** ***

For further enquiries, please contact:

Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Ada Leung 
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: [email protected]

Photo – https://photos.prnasia.com/prnh/20200911/2914374-1LOGO?lang=0

 

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Odonate Therapeutics, Inc. of Class Action Lawsuit and Upcoming Deadline – ODT

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NEW YORK, Sept. 19, 2020 — Pomerantz LLP announces that a class action lawsuit has been filed against Odonate Therapeutics, Inc.  (“Odonate” or the “Company”) (NASDAQ: ODT) and certain of its officers.   The class action, filed in United States District Court for the Southern District of California, and docketed under 20-cv-01828, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Odonate securities between December 7, 2017, and August 21, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Odonate securities during the class period, you have until November 16, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Odonate was founded in 2013 and is based in San Diego, California.  Odonate is a pharmaceutical company that develops therapeutics for the treatment of cancer.  The Company is focused on developing tesetaxel, an orally administered chemotherapy agent. 

Tesetaxel is in Phase 3 clinical study for patients with locally advanced or metastatic breast cancer (“MBC”), called the CONTESSA trial, which is evaluating tesetaxel in combination with capecitabine in patients with MBC.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) tesetaxel was not as safe or well-tolerated as the Company had led investors to believe; (ii) consequently, tesetaxel’s commercial viability as a cancer treatment was overstated; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 24, 2020, during pre-market hours, Odonate issued a press release announcing top-line results from the CONTESSA trial.  Although the study met its primary endpoint, tesetaxel plus capecitabine was associated with Grade 3 or higher neutropenia (low levels of white blood cells), which occurred in 71.2% of patients with the combination treatment versus 8.3% for capecitabine alone.  Various other Grade 3 or higher treatment-emergent adverse events (“AEs”) were also associated with tesetaxel plus capecitabine versus capecitabine alone.  Further, discontinuation rates were 4.2% from neutropenia and 3.6% from neuropathy, and the overall discontinuation rate was 23.1% in the treatment group compared to 11.9% in the capecitabine alone group.

On this news, Odonate’s stock price fell $15.21 per share, or 45.35%, to close at $18.33 per share on August 24, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: Robert S. Willoughby Pomerantz LLP [email protected]

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