LOS ANGELES–(BUSINESS WIRE)–$KPTI #CLASSACTION—Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of Karyopharm Therapeutics, Inc. (“Karyopharm” or the “Company”) (NASDAQ: KPTI) investors that: (1) purchased shares of Karyopharm’s common stock between March 2, 2017 and February 22, 2019, inclusive (the “Class Period”); (2) purchased Karyopharm shares in or traceable to the Company’s public offering of common stock conducted on or around April 28, 2017 (the “2017 Offering”); or (3) purchased Karyopharm shares in or traceable to the Company’s public offering of common stock conducted on or around May 7, 2018 (the “2018 Offering,” and together with the 2017 Offering, the “Offerings”). Karyopharm investors have until September 23, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
On February 22, 2019, the U.S. Food and Drug Administration (“FDA”) released a briefing document which contradicted the Company’s assertions that its treatment selinexor was “well-tolerated” by patients. Specifically, the FDA revealed that a previous trial of the Company’s selinexor yielded “worse overall survival” and concluded that selinexor “is associated with significant toxicity” and “limited efficacy.”
On this news, shares of Karyopharm fell $3.90 per share, or over 43%, to close at $5.07 per share on February 22, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that data demonstrated that selinexor was associated with significant toxicity, was not well-tolerated among patients with acute myeloid leukemia (“AML”), and resulted in a higher risk of death; (2) that patients experienced serious drug-related side effects, and eighty percent of the AML patients treated in the selinexor trial experienced a serious adverse event; (3) that, as a result, nearly half of the AML patients were forced to withdraw from the trial because of drug-related toxicity; (4) that the toxicity profile of selinexor for the treatment of patients with multiple myeloma was similar to that observed in AML patients; and (5) that, as a result, selinexor was neither effective nor safe.
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If you purchased securities of Karyopharm during the Class Period you may move the Court no later than September 23, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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