Checkpoint Therapeutics, Inc.
Case Overview
37 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 06/04/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Checkpoint Therapeutics, Inc. |
Court: | Court: Southern District of New York |
Case Number: | Case Number: 1:24cv02613 |
Class Period: | Class Period: 03/10/2021 - 12/15/2023 |
Ticker: | Ticker: CKPT |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Checkpoint Therapeutics, Inc. (“Checkpoint” or the “Company”) (NASDAQ: CKPT) securities during the period of March 10, 2021 through December 15, 2023, inclusive (“the Class Period”). Investors have until June 4, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
In January 2023, Checkpoint submitted a Biologics License Application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) for approval of its lead antibody product candidate, cosibelimab, as a treatment for patients with locally advanced metastatic cutaneous squamous cell carcinoma (“cSCC”). On December 18, 2023, Checkpoint issued a press release disclosing that the FDA had not approved the cosibelimab BLA as a treatment for patients with cSCC. On this news, the price of Checkpoint shares declined by $1.49 per share, or approximately 44.88%, from $3.32 per share on December 15, 2023 to close at $1.83 on December 18, 2023.
The lawsuit alleges that Checkpoint made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Checkpoint failed to disclose that: (1) it had overstated its oversight of, and/or its establishment of adequate manufacturing standards and controls over, its third-party contract manufacturers; (2) accordingly, there were one or more issues with the Company’s third-party contract manufacturing organization for cosibelimab; (3) all the foregoing reduced the likelihood that the FDA would approve the cosibelimab BLA in its present form; and (4) as a result, the manufacturing, regulatory, and commercial prospects of cosibelimab were overstated.
In January 2023, Checkpoint submitted a Biologics License Application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) for approval of its lead antibody product candidate, cosibelimab, as a treatment for patients with locally advanced metastatic cutaneous squamous cell carcinoma (“cSCC”). On December 18, 2023, Checkpoint issued a press release disclosing that the FDA had not approved the cosibelimab BLA as a treatment for patients with cSCC. On this news, the price of Checkpoint shares declined by $1.49 per share, or approximately 44.88%, from $3.32 per share on December 15, 2023 to close at $1.83 on December 18, 2023.
The lawsuit alleges that Checkpoint made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Checkpoint failed to disclose that: (1) it had overstated its oversight of, and/or its establishment of adequate manufacturing standards and controls over, its third-party contract manufacturers; (2) accordingly, there were one or more issues with the Company’s third-party contract manufacturing organization for cosibelimab; (3) all the foregoing reduced the likelihood that the FDA would approve the cosibelimab BLA in its present form; and (4) as a result, the manufacturing, regulatory, and commercial prospects of cosibelimab were overstated.