LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming September 12, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Rain Oncology Inc. (“Rain” or the “Company”) (NASDAQ: RAIN) securities between July 20, 2021 and May 19, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On May 22, 2023, Rain announced the Phase 3 trial results of its antitumor drug, milademetan, revealing that the trial “did not meet its primary endpoint of progression free survival,” that “the results did not closely mirror prior clinical results” and that the Company would “re-evaluate the path forward for milademetan.”
On this news, Rain’s stock price fell $8.71, or 87.7%, to close at $1.22 per share on May 22, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company concealed risks inherent in the design of its Phase 3 MANTRA study particularly with regard to proceeding directly to Phase 3 from Phase 1; (2) as a result, the Company’s statements about the trial and the likelihood of FDA approval were materially misleading during the Class Period, and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Rain securities during the Class Period, you may move the Court no later than September 12, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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