NEW YORK - (NewMediaWire) - August 11, 2020 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in MEI Pharma, Inc. (“MEI Pharma” or the “Company”) (NASDAQ:MEIP) of the October 9, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in MEI Pharma stock or options between August 2, 2017 and July 1, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/MEIP. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of all those who purchased MEI Pharma securities between August 2, 2017 and July 1, 2020 (the “Class Period”). The case, Bahat v. Mei Pharma, Inc. et al., No. 20-cv-01543 was filed on August 10, 2020, and has been assigned to Judge William Q. Hayes.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) MEI Pharma had overstated Pracinostat’s potential efficacy as an AML treatment for the target population; (2) consequently, the Phase 3 Pracinostat Trial was unlikely to meet its primary endpoint of overall survival; (3) all the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Company’s financial condition and prospects for Pracinostat; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Specifically, on July 2, 2020, during pre-market hours, MEI Pharma issued a press release announcing that it was discontinuing the Phase 3 Pracinostat Trial. The Company advised that an interim futility analysis of the Phase 3 Pracinostat Trial, undertaken by the study’s Independent Data Monitoring Committee (“IDMC”), “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.”
On this news, MEI Pharma’s stock fell from a closing price of $21.05 per share on July 1, 2020 to $15.38 per share on July 2, 2020—a $5.67 or 26.94% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding MEI Pharma’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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