NEW YORK, July 21, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of MEI Pharma, Inc. (“MEI Pharma” or the “Company”) (NASDAQ: MEIP). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether MEI Pharma and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 2, 2020, MEI Pharma announced that it was discontinuing its Phase 3 study of Pracinostat, an oral histone deacetylase inhibitor being investigated in combination with azacitidine for the treatment of adults with newly diagnosed acute myeloid leukemia who are unfit for standard intensive chemotherapy. Specifically, the Company advised that an interim futility analysis of the ongoing Phase 3 study, undertaken by the study’s Independent Data Monitoring Committee, “has demonstrated it was unlikely to meet the primary endpoint of overall survival compared to the control group,” and that “[b]ased on the outcome of the interim analysis, the decision was made to discontinue the recruitment of patients and end the study,” which “was based on a lack of efficacy and not on safety concerns.”
Following MEI Pharma’s announcement, the Company’s stock price fell $0.78 per share, or 18.27%, to close at $3.49 per share on July 2, 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.