Puma Biotech victory in neratinib litigation
USA-based Puma Biotechnology (Nasdaq: PBYI) has announced that the class action lawsuit, Hsu vs Puma Biotechnology Inc, et al, filed in the US District Court for the Central District of California against Puma and Alan Auerbach, Puma’s chief executive and president, has concluded with a jury verdict that is largely positive for the company.
Plaintiffs had claimed that four statements made in connection with Defendants’ July 2014 announcement of positive top-line results from a Phase III clinical trial of its breast cancer drug, neratinib (trade name Nerlynx), were “false and misleading,” and led to two stock drops in 2015 when the results of the clinical trial were presented at a medical conference.
Puma’s shares were up 2.78% at $28.50 in pre-market trading this morning.
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