LOS ANGELES--(BUSINESS WIRE)--Puma Biotechnology, Inc. (Nasdaq: PBYI), a biopharmaceutical company,
announced today that the class action lawsuit, Hsu vs. Puma
Biotechnology, Inc., et. al., filed in the U.S. District Court for
the Central District of California against Puma and Alan H. Auerbach,
Puma’s CEO and President, has concluded with a jury verdict. 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, 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. The jury found in
favor of Defendants entirely with respect to three of the four
statements and with respect to one of the two stock drops. As to the
fourth statement, the jury found liability such that certain
shareholders who purchased stock between July 22, 2014 and May 13, 2015
may recover no more than $4.50 per share, which represents approximately
5% or less of the claimed damages. Defendants were represented by Andrew
Clubok, Michele Johnson, Colleen Smith, and Sarah Tomkowiak of Latham &
Watkins.
Mr. Auerbach said, “We are extremely pleased with the jury verdict. We
are excited to return our focus to running the business, growing sales
and providing our product to patients suffering from HER-2 positive
breast cancer.”
About Puma Biotechnology
Puma Biotechnology, Inc. is a biopharmaceutical company with a focus on
the development and commercialization of innovative products to enhance
cancer care. Puma in-licenses the global development and
commercialization rights to three drug candidates — PB272 (neratinib,
oral), PB272 (neratinib, intravenous) and PB357. Neratinib, oral was
approved by the U.S. Food and Drug Administration in July 2017 for the
extended adjuvant treatment of adult patients with early stage
HER2-overexpressed/amplified breast cancer, following adjuvant
trastuzumab-based therapy, and is marketed in the United States as
NERLYNX® (neratinib) tablets. NERLYNX was granted marketing
authorization by the European Commission for the extended adjuvant
treatment of hormone receptor-positive HER2-positive early stage breast
cancer in September 2018. NERLYNX is a registered trademark of Puma
Biotechnology, Inc.
Further information about Puma Biotechnology may be found at www.pumabiotechnology.com.
Forward-Looking Statements
This press release contains forward-looking statements. All
forward-looking statements involve risks and uncertainties that could
cause Puma’s actual results to differ materially from the anticipated
results and expectations expressed in these forward-looking statements.
These statements are based on current expectations, forecasts and
assumptions, and actual outcomes and results could differ materially
from these statements due to a number of factors, which include, but are
not limited to, the risk factors disclosed in the reports filed by Puma
with the Securities and Exchange Commission from time to time, including
Puma’s Annual Report on Form 10-K for the year ended December 31, 2017.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. Puma
assumes no obligation to update these forward-looking statements, except
as required by law.
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