SAN DIEGO, Oct. 16, 2021 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Sesen Bio, Inc. ("Sesen Bio” or the "Company") (NASDAQ: SESN). The class action is on behalf of shareholders who purchased Sesen Bio common stock between December 12, 2020 and August 17, 2021. If you wish to serve as lead plaintiff in this class action, you must move the Court no later than October 18, 2021.
The filed complaint alleges that Sesen Bio made materially false and misleading statements and failed to disclose that: (1) Sesen Bio's clinical trial for its cancer treatment product, Vicineum, had more than 2,000 violations of trial protocol, including 215 classified as "major"; (2) three of Sesen Bio's clinical investigators were found guilty of "serious noncompliance," including "back-dating data"; (3) Sesen Bio had submitted the tainted data in connection with the Biologics License Application ("BLA") for Vicineum; (4) Sesen Bio's clinical trials showed that Vicineum leaked out into the body, leading to side effects including liver failure and liver toxicity, and increasing the risks for fatal, drug-induced liver injury; (5) as a result of the foregoing, the Company's BLA for Vicineum was not likely to be approved; (6) as a result of the foregoing, there was a reasonable likelihood that Sesen Bio would be required to conduct additional trials to support the efficacy and safety of Vicineum; and (7) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and lacked a reasonable basis.
A lead plaintiff will act on behalf of all other class members in directing the Sesen Bio class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Sesen Bio class action lawsuit is not dependent upon serving as lead plaintiff.
If you suffered a substantial loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (firstname.lastname@example.org) by email or phone at 619-814-4471. If emailing, please include a phone number.
Additionally, you can [click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471