Rain Lawsuit Loss Submission Form

The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Rain Oncology Inc. (NASDAQ: RAIN) who purchased securities between July 20, 2021 and May 19, 2023. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.

According to the filed complaint, on May 22, 2023, the Company announced that milademetan failed to meet its primary endpoint of progression free survival in the MANTRA study. Moreover, the Company announced adverse event findings that, according to analysts, indicated that the dosing schedule had not been optimized prior to commencing the study. In response to the announcement, Rain’s stock price substantially dropped from $9.93 per share to $1.22 per share, eliminating approximately $316 million in market capitalization in one day. The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company concealed risks inherent in the design of its Phase 3 MANTRA study particularly with regard to proceeding directly to Phase 3 from Phase 1; and, (ii) as a result, the Company’s statements about the trial and the likelihood of FDA approval were materially misleading during the Class Period.

Shareholders have until September 12, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.

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