SAN FRANCISCO, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Sesen Bio, Inc. (NASDAQ: SESN) investors with losses in excess of $250,000 to submit your losses now.
Sesen Bio, Inc. (SESN) Securities Fraud Class Action:
The complaint alleges that Defendants misrepresented clinical trial data for Sesen’s lead product candidate Vicineum for the treatment of certain non-muscle invasive bladder cancer.
Specifically, Defendants concealed that: (1) the company’s clinical trial for Vicineum had more than 2,000 protocol violations, including 215 classified as “major,” (2) three of the company’s clinical investigators were found guilty of “serious noncompliance,” including backdating data, (3) the company submitted tainted data for Vicineum to the FDA, (4) the company’s clinical trials showed that Vicineum leaked out into the body and caused serious side effects and increased risks for fatal liver injury.
The truth began to emerge on Aug. 13, 2021, when Sesen announced the FDA did not approve the BLA in its present form and sought additional clinical/statistical data.
Then, on Aug. 16, 2021, the company revealed it needed to conduct an additional clinical trial to provide the FDA with additional efficacy and safety data.
Finally, on Aug. 18, 2021, STAT published an article entitled “Sesen Bio trial of cancer drug marked by misconduct and worrisome side effects, documents show.” STAT cited hundreds of pages of internal documents and three people familiar with the matter reported the Vicineum clinical trial “was marked by thousands of violations of study rules, damning investigator conduct, and worrying signs of toxicity the company did not publicly disclose.”
These events sent the price of Sesen shares sharply lower.
“We’re focused on investors’ losses and proving Sesen lied to them about the prospects for Vicineum,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Sesen and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Sesen should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SESN@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895