An investor in NASDAQ:TKAI shares filed a lawsuit against Tokai Pharmaceuticals Inc and certain Company officers, for among other things, violation of sections 11, 12(a)(2), and 15 of the Securities Act of 1933 (the “Securities Act”), and violation of sections 10(b) and 20(a) of the Securities and Exchange Act of 1934.
Investors who purchased shares of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) have certain options and for certain investors are short and strict deadlines running. Deadline: December 13, 2016. NASDAQ:TKAI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges that the Defendants made materially false and/or misleading statements, as well as failed to disclose information with regard to Tokai’s operations and compliance policies byfailing to inform and/or misrepresent the structural problems of phase 3 of the Galeterone trial to shareholders, which subsequently resulted in the failure of the trial, and by filing materially false and/or misleading financial statements.
On July 26, 2016, Tokai Pharmaceuticals Inc announced that it was ending a late-stage trial of galeterone, its potential prostate cancer therapy. Tokai Pharmaceuticals Inc stated that it did not believe the phase 3 study would meet its primary endpoint. Shares of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) declined from $18.39 per share in September 2014 to as low as $1.01 per share on July 28, 2016.
Those who purchased NASDAQ:TKAI shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com