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Seattle Genetics Inc (NASDAQ: SGEN) Investor Securities Class Action Lawsuit 01/10/2017

  • If you purchased shares of Seattle Genetics Inc (NASDAQ: SGEN), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Seattle Genetics, Inc.
Security
NASDAQ: SGEN

Case Name
Seattle Genetics Shareholder Class Action Lawsuit 01/10/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Western District of Washington

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

May 24, 2018 - The court granted defendants' motion to dismiss.

January 5, 2018 - A motion to dismiss the second amended consolidated complaint was filed.

November 17, 2017 - A second amended consolidated complaint was filed.

October 18, 2017 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

July 28, 2017 - A motion to dismiss the amended consolidated complaint was filed.

June 6, 2017 - An amended consolidated complaint was filed.

January 10, 2017 - An investor in shares of Seattle Genetics Inc (NASDAQ: SGEN) filed a lawsuit in the U.S. District Court for the Western District of Washington over alleged violations of Federal Securities Laws by Seattle Genetics Inc in connection with certain allegedly false and misleading statements made between October 27, 2016 and December 23, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Seattle Genetics Inc (NASDAQ: SGEN) common shares between October 27, 2016 and December 23, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 27, 2016 and December 23, 2016 the defendants made false and/or misleading statements and/or failed to disclose that vadastuximab talirine presents a significant risk of fatal hepatotoxicity, that as such, Seattle Genetics Inc had overstated the viability of vadastuximab talirine as an acute myeloid leukemia (AML) treatment, and that as a result of the foregoing, Seattle Genetics Inc's public statements were materially false and misleading at all relevant times.

Seattle Genetics Inc reported that its annual Total Revenue rose from $286.76 million in 2014 to $336.80 million in 2015 and that its Net Loss increased from $76.14 million in 2014 to $120.49 million in 2015.

Shares of Seattle Genetics Inc (NASDAQ: SGEN) grew from $28.64 per share in February 2016 to as high as $71.85 per share in November 2016.

On December 27, 2016, Seattle Genetics Inc (NASDAQ: SGEN) announced that it has received notice from the U.S. Food and Drug Administration (“FDA“) that a clinical hold or partial clinical hold has been placed on several early stage trials of vadastuximab talirine (SGN-CD33A) in acute myeloid leukemia (AML). Shares of Seattle Genetics Inc (NASDAQ: SGEN) declined on December 27, 2016 to as low as $51.63 per share.

On January 11, 2016, NASDAQ: SGEN shares closed at $55.80 per share.