An investigation on behalf of investors in NASDAQ:TKAI shares over potential wrongdoing at Tokai Pharmaceuticals Inc was announced and NASDAQ:TKAI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/01/2016 -- An investigation for investors in shares of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) was announced over potential breaches of fiduciary duties by certain directors at Tokai Pharmaceuticals.
Investors who purchased shares of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain Tokai Pharmaceuticals directors breached their fiduciary duties and caused damage to the company and its shareholders.
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."
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.
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