SESEN BIO, INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Sesen Bio, Inc.
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Sesen Bio, Inc. (NASDAQ: SESN) between December 21, 2020 and August 17, 2021. The lawsuit seeks to recover Sesen Bio, Inc. shareholders’ investment losses.
If you purchased shares of Sesen Bio, Inc. between December 21, 2020 and August 17, 2021 and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Sesen Bio, Inc. (“Sesen Bio ” or the “Company”) (NASDAQ: SESN) from December 21, 2020 through August 17, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
The complaint alleges that, throughout the Class Period, Defendants made false and misleading statements and failed to disclose that: (i) that Sesen Bio’s clinical trial for Vicineum had more than 2,000 violations of trial protocol, including 215 classified as ‘major’; (ii) that three of Sesen Bio’s clinical investigators were found guilty of ‘serious noncompliance,’ including ‘back-dating data’; (iii) that Sesen Bio submitted the tainted data in connection with the BLA for Vicineum (iv) that Sesen Bio’s clinical trials showed that Vicineum leaked out into the body, leading to sides effects including liver failure and liver toxicity, and increasing the risks for fatal, drug-induced liver injury; (v) that, as a result of the foregoing, the Company’s BLA for Vicineum was not likely to be approved; (vi) that, as a result of the foregoing, there was a reasonable likelihood that Sesen Bio would be required to conduct additional trials to support the efficacy and safety of Vicineum; and (vii) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 13, 2021, Sesen Bio announced the FDA declined to approve its Biologics License Application for Vicineum in its current form. On this news, the Company’s share price fell $2.80, or 57%, to close at $2.11 per share on August 13, 2021.
On August 16, 2021, Sesen Bio further revealed that “it appears that [the Company] will need to do a clinical trial to provide the additional efficacy and safety data necessary for the FDA to assess the benefit-risk profile, which is the basis for approval.” The Company announced it expected it could not resubmit its BLA until 2023. On this news, the Company’s share price fell $0.89, or 42%, to close at $1.22 per share on August 16, 2021.
Then, on August 18, 2021, the health and medicine news site STAT published an article entitled “Sesen Bio trial of cancer drug marked by misconduct and worrisome side effects, documents show.” The article detailed that the clinical trial for Vicineum was marked by thousands of violations of study rules, damning investigator conduct, and worrying signs of toxicity the company did not publicly disclose. On this news, the Company’s share price fell $0.20, or 13% to close at $1.31 per share on August 18, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than October 18, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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