NEW YORK - (NewMediaWire) - September 22, 2020 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Odonate Therapeutics, Inc. (“Odonate” or the “Company”) (NASDAQ:ODT) of the November 16, 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 Odonate stock or options between December 7, 2017 and August 21, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/ODT. 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 email@example.com.
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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 Odonate securities between December 7, 2017 and August 21, 2020 (the “Class Period”). The case, Kendall v. Odonate Therapeutics, Inc., et al., No. 20-cv-01828 was filed on September 16, 2020, and has been assigned to Judge Marilyn L. Huff.
As detailed below, 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) tesetaxel was not as safe or well-tolerated as the Company had led investors to believe; (2) consequently, tesetaxel’s commercial viability as a cancer treatment was overstated; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Specifically, 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 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 Odonate’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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