NEW YORK, Aug. 24, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Karyopharm Therapeutics Inc. ("Karyopharm" or the "Company") (NASDAQ: KPTI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Karyopharm and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 22, 2019, in advance of a U.S. Food and Drug Administration ("FDA") advisory committee meeting to review Karyopharm's New Drug Application ("NDA") for selinexor and assess the drug's risks and benefits, the FDA released a briefing document expressing serious concerns about the safety and efficacy of selinexor (the "FDA Report"). Significantly, the FDA Report revealed that, contrary to Karyopharm's assurances, the Company's previously canceled Phase 2 SOPRA trial had resulted in "worse overall survival" for acute myeloid leukemia ("AML") patients treated with selinexor, which "highlight[ed] the toxicity of this drug." The FDA also determined that the toxicity observed with selinexor in AML patients in the SOPRA study was "similar" to that observed in multiple myeloma patients in the Phase 2b STORM study. The FDA unambiguously concluded that "[t]reatment with selinexor is associated with significant toxicity" and has "limited efficacy." On this news, Karyopharm's stock price fell $3.90 per share, or 43.48%, to close at $5.07 per share on February 22, 2019.
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.
Robert S. Willoughby
SOURCE Pomerantz LLP