NEW YORK, Sept. 20, 2016 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, reminds
investors in Tokai Pharmaceuticals, Inc. ("Tokai" or the "Company")
(NASDAQ: TKAI) of the September 30,
2016 deadline to seek the role of lead plaintiff in a
federal securities class action lawsuit filed against the Company
and certain officers.
The lawsuit has been filed in the U.S. District Court for the
Southern District of New York on
behalf of all those who purchased Tokai stock or options between
June 24, 2015 and July 25, 2016 (the "Class Period"). The
case, Doshi v. Tokai Pharmaceuticals, Inc. et al, No.
1:16-cv-06106 was filed on August 1,
2016, and has been assigned to Judge Lorna G. Schofield.
The lawsuit focuses on whether the Company and its executives
violated federal securities laws by failing to disclose there were
significant structural problems with the trial design for Tokai
Pharmaceuticals' pivotal Phase 3 galeterone study, ARMOR3-SV.
Specifically, on November 2, 2015,
Richard Pearson published an article
on the investment website Seeking Alpha, entitled "What's
Wrong With Tokai Pharmaceuticals?" (the "Pearson Report").
The Pearson Report described structural problems with the design of
the Company's ARMOR3-SV trial. Then on July 26, 2016, Tokai announced plans "to
discontinue the ARMOR3-SV clinical trial, our pivotal Phase 3
study" of galeterone stating that ARMOR3-SV was unlikely to succeed
in meeting its primary endpoint.
On this news, Tokai's share price fell from $5.20 per share on July
25, 2016 to a closing price of $1.10 on July 26,
2016 —a $4.10 or a 78.85%
drop.
Finally, after market hours on July 29,
2016, Tokai issued a press release announcing that it would
reduce its workforce by approximately 60 percent by the end of the
third quarter of 2016.
On this news, Tokai's share price fell from $1.26 per share on July
29, 2016 to a closing price of $1.13 on August 1,
2016 —a $0.13 or a 10.32%
drop.
Request more information now by clicking here:
www.faruqilaw.com/TKAI. There is no cost or obligation to
you.
Take Action
If you invested in Tokai stock or options between June 24, 2015 and July 25,
2016 and would like to discuss your legal rights, visit
www.faruqilaw.com/TKAI. You can also contact us by calling
Richard Gonnello toll free at
877-247-4292 or at 212-983-9330 or by sending an e-mail to
rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also
encourages anyone with information regarding Tokai's conduct to
contact the firm, including whistleblowers, former employees,
shareholders and others.
The court-appointed lead plaintiff is the investor with the
largest financial interest in the relief sought by the class that
is adequate and typical of class members who directs and oversees
the litigation on behalf of the putative class. Any member of the
putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. Your ability to share in any
recovery is not affected by the decision of whether or not to serve
as a lead plaintiff.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with
respect to any future matter. We welcome the opportunity to discuss
your particular case. All communications will be treated in a
confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
Photo -
http://photos.prnewswire.com/prnh/20120119/MM38856LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-alert-faruqi--faruqi-llp-encourages-investors-who-suffered-losses-in-excess-of-100000-investing-in-tokai-pharmaceuticals-inc-to-contact-the-firm-before-lead-plaintiff-deadline-300331169.html
SOURCE Faruqi & Faruqi, LLP