The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Y-mAbs Therapeutics, Inc. (NASDAQ: YMAB) who purchased common stock on the open market, or pursuant to registration statements filed with the U.S. Securities and Exchange Commission, during the period October 6, 2020 through October 28, 2022. 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 Y-mAbs lawsuit alleges that (i) Y-mAbs misrepresented the U.S. Food and Drug Administration’s (“FDA”) willingness to approve omburtamab, the Company's lead product candidate, for marketing based on the existing clinical trials; (ii) the Company misrepresented that progress was being made that would align with the FDA’s requirements to demonstrate substantial evidence of effectiveness, sufficient for approval of omburtamab, through adequate and well-controlled studies; (iii) the FDA had repeatedly advised Y-mAbs that it was unlikely to grant approval for the marketing of omburtamab; and (iv) Y-mAbs had elected to submit the March 31, 2022 Biologics License Application prior to reaching agreement with the FDA on the content of the application.
Shareholders have until March 20, 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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