NEW YORK, April 08, 2024 (GLOBE NEWSWIRE) -- (GLOBENEWSWIRE)—The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Checkpoint Therapeutics, Inc. (“Checkpoint” or the “Company”) (NASDAQ: CKPT) securities during the period of March 10, 2021 through December 15, 2023, inclusive (“the Class Period”). Investors have until June 4, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
In January 2023, Checkpoint submitted a Biologics License Application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) for approval of its lead antibody product candidate, cosibelimab, as a treatment for patients with locally advanced metastatic cutaneous squamous cell carcinoma (“cSCC”). On December 18, 2023, Checkpoint issued a press release disclosing that the FDA had not approved the cosibelimab BLA as a treatment for patients with cSCC. On this news, the price of Checkpoint shares declined by $1.49 per share, or approximately 44.88%, from $3.32 per share on December 15, 2023 to close at $1.83 on December 18, 2023.
The lawsuit alleges that Checkpoint made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Checkpoint failed to disclose that: (1) it had overstated its oversight of, and/or its establishment of adequate manufacturing standards and controls over, its third-party contract manufacturers; (2) accordingly, there were one or more issues with the Company’s third-party contract manufacturing organization for cosibelimab; (3) all the foregoing reduced the likelihood that the FDA would approve the cosibelimab BLA in its present form; and (4) as a result, the manufacturing, regulatory, and commercial prospects of cosibelimab were overstated.
If you purchased or otherwise acquired Checkpoint securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
