The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Tesaro, Inc. (NASDAQGS: TSRO) who purchased shares between November 4, 2016 and November 14, 2016. The action, which was filed in the United States District Court for the District of Massachusetts, alleges that the Company violated federal securities laws.
In particular, the Tesaro lawsuit alleges that (i) notwithstanding the completion of the July Public Offering, Tesaro’s liquidity position was insufficient to meet its cash flow requirements and fund its existing operations; (ii) accordingly, unbeknownst to investors, an additional public offering of Tesaro common stock was imminent; and (iii) as a result, Tesaro’s public statements were materially false and misleading at all relevant times. On July 7, 2016, Tesaro announced the closing of a previously-announced underwritten public offering. Then on November 14, 2016, Tesaro announced another proposed public offering. Following this news, on November 15, 2016, Tesaro stock fell more than 11 percent to close at $131.04 per share.
Shareholders have until January 8, 2019 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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