NEW YORK, Feb 24, 2018 (BUSINESS WIRE) —
Pomerantz LLP announces that a class action lawsuit has been filed
against Tesaro Incorporated (“Tesaro” or the “Company”)
TSRO, -0.25%
and certain of its officers. The class action, filed in United States
District Court, for the District of Massachusetts, and docketed under
18-cv-10086, is on behalf of a class consisting of investors who
purchased or otherwise acquired the securities of Tesaro between March
14, 2016 and January 12, 2018, both dates inclusive (the “Class
Period”). Plaintiff seeks to recover compensable damages caused by
Defendants’ violations of the federal securities laws and to pursue
remedies under Sections 10(b) and 20(a) of the Securities Exchange Act
of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Tesaro securities between March
14, 2016, and January 12, 2018, both dates inclusive, you have until
March 19, 2018, to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com
or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address,
telephone number, and quantity of shares purchased.
[Click
here to join this class action]
Tesaro is an oncology-focused biopharmaceutical company that identifies,
acquires, develops, and commercializes cancer therapeutics and oncology
supportive care products in the United States.
At all relevant times, Tesaro’s product portfolio has included Varubi
(rolapitant), a neurokinin-1 (NK-1) receptor antagonist for the
prevention of chemotherapy induced nausea and vomiting. In 2015, the
U.S. Food and Drug Administration (“FDA”) approved an oral version of
Varubi. On March 14, 2016, Tesaro announced the submission of a New Drug
Application for an intravenous formulation of Varubi to the FDA. On
October 25, 2017, Tesaro announced the FDA’s approval of its intravenous
version of Varubi.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company’s
business, operational and compliance policies. Specifically, Defendants
made false and/or misleading statements and/or failed to disclose that:
(i) substantial undisclosed health risks, including anaphylaxis and
anaphylactic shock, were associated with Tesaro’s intravenous
formulation of Varubi; and (ii) as a result of the foregoing, Tesaro’s
shares traded at artificially inflated prices during the Class Period,
and class members suffered significant losses and damages.
On January 12, 2018, post-market, Tesaro announced that it had updated
the U.S. labeling for the intravenous formulation of Varubi after
receiving reports of “[a]naphylaxis, anaphylactic shock and other
serious hypersensitivity reactions . . . in the post-marketing setting,
some requiring hospitalization.” The Company further stated that it “has
issued a Dear Healthcare Professional (DHCP) letter.”
On this news, Tesaro’s share price fell $4.07 or 5.85%, to close at
$65.52 on January 16, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and
Paris, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate misconduct.
The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180224005009/en/
SOURCE: Pomerantz LLP
Pomerantz LLP
Robert S. Willoughby, 888-476-6529 Ext. 9980
rswilloughby@pomlaw.com
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