The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Sesen Bio, Inc. (NASDAQ: SESN) who purchased shares between December 21, 2020 and August 17, 2021. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Sesen Bio lawsuit alleges that (1) Sesen Bio’s clinical trial for its cancer treatment product, Vicineum, had more than 2,000 violations of trial protocol, including 215 classified as “major”; (2) three of Sesen Bio’s clinical investigators were found guilty of “serious noncompliance,” including “back-dating data”; (3) Sesen Bio had submitted the tainted data in connection with the Biologics License Application (“BLA”) for Vicineum; (4) Sesen Bio’s clinical trials showed that Vicineum leaked out into the body, leading to side effects including liver failure and liver toxicity, and increasing the risks for fatal, drug-induced liver injury; (5) as a result of the foregoing, the Company’s BLA for Vicineum was not likely to be approved; (6) 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 (7) 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.
Shareholders have until October 18, 2021 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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