Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Stemline Therapeutics, Inc. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Stemline Therapeutics, Inc. (“Stemline” or the “Company”) (NASDAQ:STML) of the April 4, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Stemline stock or options between January 6, 2017 and February 1, 2017 (the “Class Period”). The case, Soileau v. Stemline Therapeutics, Inc. et al, No. 17-cv-01003 was filed on February 10, 2017, and has been assigned to Judge Paul A. Crotty.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the extent of the negative side effects of SL-401, its trail drug therapy directed to the interleukin-3 receptor present on a range of hematologic cancers.
Specifically, during pre-market hours on February 2, 2017, before the market opened,
TheStreet published an article stating that on January 18, 2017, a cancer patient in a clinical trial of the Company's SL-401 in blastic plasmacytoid dendritic cell neoplasm (“BPDCN”) died from a severe side effect tied to SL-401. The article stated that on January 17, 2017, the patient had been diagnosed with capillary leak syndrome (“CLS”) and died the next day, “having received only two of the scheduled five doses of SL-401 of the initial treatment cycle.” On the same day, the Company admitted to having received the report regarding the patient death on January 18, 2017, but still executed its public offering of 4.5 million shares at $10.00 per share on January 19, 2017, without disclosing the patient death to investors.
After this news, Stemline’s share price fell from $9.75 per share on February 1, 2017 to a closing price of $5.60 on February 2, 2017—a $4.15 or a 42.6% drop.
If you invested in Stemline stock or options between January 6, 2017 and February 1, 2017 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Stemline’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.