NEW YORK,
Aug. 11,
2023 /PRNewswire/ -- Jakubowitz Law announces that a
securities fraud class action lawsuit has commenced on
behalf of shareholders of Rain Oncology Inc. (NASDAQ: RAIN).
To receive updates on the lawsuit, fill out
the
form:
https://claimyourloss.com/securities/rain-class-action-loss-submission-form/?id=43312&from=4
The lawsuit seeks to recover losses for
shareholders who purchased Rain between July
20, 2021 and May 19, 2023.
Shareholders interested in acting as a lead
plaintiff representing the class of wronged shareholders have until
September 12, 2023 to petition
the court. Your ability to share in any recovery doesn't require
that you serve as a lead plaintiff.
According to the filed complaint, on May 22, 2023, the Company announced that
milademetan failed to meet its primary endpoint of progression free
survival in the MANTRA study. Moreover, the Company announced
adverse event findings that, according to analysts, indicated that
the dosing schedule had not been optimized prior to commencing the
study. In response to the announcement, Rain's stock price
substantially dropped from $9.93 per
share to $1.22 per share, eliminating
approximately $316 million in market
capitalization in one day. The complaint alleges
that defendants made false and/or misleading statements and/or
failed to disclose that: (i) 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, (ii) as a
result, the Company's statements about the trial and the likelihood
of FDA approval were materially misleading during the Class
Period.
Jakubowitz Law is vigorous in pursuit of justice
for shareholders who have been the victim of securities
fraud. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (628) 895-0423
F: (212) 537-5887
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SOURCE Jakubowitz Law