A lawsuit was filed on behalf of investors in Rain Oncology Inc. (NASDAQ:RAIN) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/08/2023 -- An investor, who purchased shares of Rain Oncology Inc. (NASDAQ: RAIN), filed a lawsuit over alleged violations of Federal Securities Laws by Rain Oncology Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased a significant amount of shares of Rain Oncology Inc. (NASDAQ: RAIN) between July 20, 2021 to May 19, 2023, and / or if you purchased any Rain Oncology Inc. (NASDAQ: RAIN shares prior to July 2021 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: September 12, 2023. Rain Oncology Inc. (NASDAQ: RAIN investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Newark, CA based Rain Oncology Inc., a late-stage precision oncology company, engages in developing therapies that target oncogenic drivers to genetically select patients in the United States. On May 22, 2023 Rain Oncology Inc. announced its topline results from its Phase 3 MANTRA trial of milademetan. The Company's press release stated, "the trial, evaluating the efficacy, safety, and tolerability of milademetan in patients with dedifferentiated (DD) liposarcoma (LPS), did not meet its primary endpoint of progression free survival (PFS) by blinded independent central review compared to the standard of care, trabectedin" and stated that "[b]ased upon these topline data, Rain does not expect to pursue further development of milademetan in DD LPS."
Shares of Rain Oncology Inc. (NASDAQ: RAIN) declined from $10.51 per share on May 19, 2023, to as low as $0.94 per share on May 30, 2023.
The plaintiff claims that between July 20, 2021 to May 19, 2023, the defendants made false and/or misleading statements and/or failed to disclose that the Company concealed risks inherent in the design of its Phase 3 MANTRA study particularly with regard to proceeding directly to Phase 3 from Phase 1; and that as a result, the Company's statements about the trial and the likelihood of FDA approval were materially misleading between July 20, 2021 to May 19, 2023.
Those who purchased shares of Rain Oncology Inc. (NASDAQ: RAIN) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
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