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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 18, 2021 to file lead plaintiff applications in a securities class action lawsuit against Sesen Bio, Inc. (NasdaqGM: SESN).
Sesen Bio and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 13, 2021, the Company disclosed that the BLA for its product candidate, Vicineum, was denied approval by the U.S. Food and Drug Administration (“FDA”). On this news, shares of Sesen Bio fell approximately 57%. Then, on August 16, 2021, the Company further disclosed that an additional clinical trial was needed “to provide the additional efficacy and safety data necessary for the FDA to assess the benefit-risk profile, which is the basis for approval” and it would be unable to resubmit its BLA until 2023. On this news, shares of Sesen Bio fell an additional 42%. Finally, on August 18, 2021, a health and medicine news site, STAT, reported 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” based on “hundreds of pages of internal documents” and “three people familiar with the matter.” On this news, Sesen Bio fell an additional 13%, further damaging investors.
If you purchased securities of Sesen Bio and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or fill out the form on this page.
The case is Bibb v. Sesen Bio, Inc., No. 21-cv-07025.
Click here to read the first filed complaint.