The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Argos Therapeutics, Inc. (NASDAQ: ARGS) who purchased shares between February 7, 2014 and February 21, 2017. The action, which was filed in the United States District Court for the Middle District of North Carolina, alleges that the Company violated federal securities laws.
The complaint alleges that Argos issued materially false and/or misleading statements, causing the stock to trade at artificially inflated prices; following the release of adverse information, shares of Argos plummeted, damaging investors. In particular, the complaint alleges that Argos issued materially false and/or misleading information regarding the success and potential of its drug candidate AGS-003 (rocapuldencel-T).
On February 22, 2017, despite positive statements made by the Company, Argos announced that the ADAPT study would be discontinued for futility. Following this news, shares of Argos fell approximately 66% to close at $1.48 per share on February 22, 2017.
Shareholders have until May 15, 2017 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.