Endocyte Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors

DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Endocyte, Inc. (“Endocyte” or “Company”) (NasdaqGS: ECYT) and several officers and directors for acts taken during the period of March 21, 2014 to May 2, 2014 (the “Class Period”).

Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Endocyte. If you are an affected Endocyte shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, [phone], or via email at [e-mail], or Patrick Powers at Powers Taylor LLP, toll free [phone], or via e-mail at [e-mail]. There is no cost or fee to you.

In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants’ misrepresented and/or failed to disclose that: a) Vintafolide, an investigational conjugate of folic acid linked to an anti-cancer agent, was actually wholly ineffective in slowing down or otherwise aiding in the treatment of PROC (platinum-resistant ovarian cancer); b) The Data and Safety Monitory Board (“DSMB”) would reveal Vintafolide’s ineffectiveness and likely recommend a halt to the PROCEED Study; and c) As a result of the above, VYNFINIT (the Company’s experimental drug) was not a commercially viable product and the business prospects of Endocyte were at significant risk. According to the complaint, after the Company revealed the results of the DSMB, which found VYNFINIT completely ineffective, and suspended all screening and randomization of participants in the PROCEED Study, the stock plummeted.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.