May 1, 2018 - The case was voluntarily dismissed.

October 3, 2016 - The case was transferred to the U.S. District Court for the District of Massachusetts.

August 1, 2016 (Shareholders Foundation) - An investor in shares of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Tokai Pharmaceuticals Inc in connection with certain allegedly false and misleading statements made between June 24, 2015 and July 25, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) common shares between June 24, 2015 and July 25, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 24, 2015 and July 25, 2016 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.