| COMPANY |
MacroGenics, Inc. |
| COURT |
United States District Court for the District of Maryland |
| CASE NUMBER |
24-cv-02184 |
| JUDGE |
The Hon. Deborah L. Boardman |
| CLASS PERIOD |
March 7, 2024 through May 9, 2024 |
| SECURITY TYPE |
Stock and/or Sold MGNX Puts |
LEAD PLAINTIFF DEADLINE IS SEPTEMBER 24, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
The Class Period begins on March 7, 2024, when, during an earnings call, Defendant Koenig discussed the expectations for the preliminary data for the TAMARACK Phase 2 study of its drug vobramitamab duocarmazine (vobra duo) in patients with resistant prostate cancer. The study included 2 different dosage amounts of vobra duo.
On April 3, 2024, MacroGenics issued a press release providing an update on the company’s Phase 2 TAMARACK study of vobra duo which purported to summarize a research abstract’s findings as to its safety profile. In that summary, the company stated that vobra duo had a favorable safety profile as it reported that grade 3 events were under 32% for both amounts of doses being tested and no deaths reported.
Then, just one month later, on May 9, 2024, MacroGenics presented interim updated safety and efficacy data for its TAMARACK study. Among other things, MacroGenics reported that vobra duo’s adverse event rate was over 98.9% and 100% for both dosages, and that adverse events grade 3 or greater were over 50% for both dosages. MacroGenics also disclosed that there were five deaths, three of which are being investigated for possible links to the study.
Following this shocking news, the price of MacroGenics shares declined by $11.36 per share, or approximately 77.44%, from $14.67 per share on May 9, 2024 to close at $3.31 on May 10, 2024.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements concerning the company’s TAMARACK Phase 2 study. Specifically, the complaint alleges that Defendants’ statements created a materially misleading impression concerning the safety profile of vobra duo and the totality of the Phase 2 TAMARACK study data.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.