Initial Lawsuit
A Sesen Bio, Inc. investor filed a securities class action lawsuit on behalf of persons and entities that purchased or otherwise acquired Sesen Bio securities between December 21, 2020, and August 17, 2021, inclusive.
- Filing Date
08/19/2021 - Class Period
12/21/2020 to 08/17/2021 - Transgression
Securities Violation - Filing Firms
Glancy Prongay & Murray LLP
The Law Offices of Frank R. Cruz - Case Title
Bibb v. Sesen Bio, Inc. et al - Docket Number
1:21-cv-07025 - Court
New York Southern District Court - Free File
Complaint
Allegations
According to the complaint, 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 allegedly failed to disclose to investors:
(1) that Sesen Bio’s clinical trial for Vicineum had more than 2,000 violations of trial protocol, including 215 classified as “major”;
(2) that three of Sesen Bio’s clinical investigators were found guilty of “serious noncompliance,” including “back-dating data”;
(3) that Sesen Bio had submitted the tainted data in connection with the BLA for Vicineum;
(4) that 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) that, as a result of the foregoing, the Company’s BLA for Vicineum was not likely to be approved;
(6) that, 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) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Defendants
- Company
Sesen Bio, Inc. - Chief Executive Officer
Thomas R. Cannell - Chief Financial Officer
Monica Forbes
