A Deadline is coming up on September 30, 2016in the lawsuit for investors in Tokai Pharmaceuticals Inc (NASDAQ:TKAI) and NASDAQ:TKAI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/21/2016 -- The Shareholders Foundation announced that a deadline is coming up on September 30, 2016 in the lawsuit filed for investors of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) over alleged securities laws violations by Tokai Pharmaceuticals Inc.
Investors who purchased shares of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) have certain options and there are strict and short deadlines running. Deadline: September 30, 2016. NASDAQ:TKAI stockholders should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
According to the complaint filed in the U.S. District Court for the Southern District of New Yorkthe plaintiff alleges on behalf of purchasers of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) common shares, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Defendants made false and/or misleading statements and/or failed to disclose thatthere were significant structural problems with the trial design for Tokai's pivotal Phase 3 galeterone study, ARMOR3-SV, that consequently, ARMOR3-SV was unlikely to succeed in meeting its primary endpoint, that as a result, commercialization of galeterone was less likely and/or imminent than Tokai had led investors to believe, and that as a result of the foregoing, the Company's financial statements, as well as Defendants' statements about Tokai's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On November 2, 2015, a report was published titled "What's Wrong With Tokai Pharmaceuticals?", alleging significant issues with the company's trials for galeterone, Tokai's sole product. The report stated, in part, that "Tokai's attempt at a Phase 3 trial is based on data from just 6 patients out of 87 in Phase 2, based on after-the-fact cherry picking of data"; "Tokai dramatically changed its trial design between Phase 2 and Phase 3 and the FDA has already warned Tokai about problems with its trial design"; and "[i]nsider trading has been rampant ahead of preliminary data in 2016." Shares of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) declined to as low as $9.38 per share on November 2, 2015.
On July 26, 2016, Tokai Pharmaceuticals Inc announced that it was ending a late-stage trial of galeterone, its potential prostate cancer therapy. Tokai Pharmaceuticals Inc stated that it did not believe the phase 3 study would meet its primary endpoint.Shares of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) declined from $18.39 per share in September 2014 to as low as $1.01 per share on July 28, 2016.
Those who purchased shares of Tokai Pharmaceuticals Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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