Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Rain Oncology Inc. (“Rain” or the “Company”) (NASDAQ: RAIN) investors that a lawsuit filed on behalf of investors that purchased Rain securities between July 20, 2021 and May 19, 2023, both dates inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On May 22, 2023, Rain announced the Phase 3 trial results of its antitumor drug, milademetan, which indicated that the trial did not achieve its primary endpoint of progression-free survival. The results were also found to be significantly different from previous clinical results. In response to these outcomes, the company stated that it would re-evaluate the future path for milademetan.
As a consequence of this news, Rain's stock price experienced a drastic decline of $8.71 per share, equivalent to an 87.7% decrease. The shares closed at $1.22 per share on May 22, 2023, causing financial harm to investors.
The class action complaint alleges that throughout the Class Period, Rain and its defendants made materially false and misleading statements, and they failed to disclose essential adverse facts about the company's business, operations, and prospects. Specifically, the complaint claims that the company concealed risks associated with the design of its Phase 3 MANTRA study, particularly the decision to proceed directly to Phase 3 from Phase 1. As a result, the company's statements about the trial and the likelihood of FDA approval were allegedly misleading during the Class Period. The complaint further asserts that defendants' positive statements about Rain's business, operations, and prospects lacked a reasonable basis and were materially misleading throughout the relevant times.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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