Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Endocyte, Inc. (ECYT) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Endocyte, Inc. (“Endocyte” or the “Company”) (NASDAQ: ECYT) of the August 25, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Endocyte and the Company’s President and Chief Executive Officer.
A complaint has been filed in the Southern District of Indiana on behalf of all persons who purchased Endocyte securities between March 21, 2014 and May 2, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, defendants made false and misleading statements regarding the test results of Endocyte’s platinum-resistant ovarian cancer (“PROC”) drug VYNFINIT®. During the Class Period, Company announced that VYNFINIT® had received “positive opinions” for the “Conditional Marketing Authorisations” from the Committee for Medicinal Products for Human Use of the European Medicines Agency. Endocyte failed to disclose that those results were based on the testing criteria of RECIST 1.0, rather than the testing criteria of RECIST 1.1, which is used by the Data and Safety Monitory Board (“DSMB”).
On May 2, 2014, Endocyte announced that VYNFINIT® was found ineffective in the treatment of PROC based on RECIST 1.1 by the DSMB.
Following this news, the price of Endocyte shares declined by $10.76 per share, or over 61%, to close on May 2, 2014 at $6.62 per share.
If you invested in Endocyte stock or options between March 21, 2014 and May 2, 2014 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Endocyte’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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