An investigation on behalf of investors of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) shares over potential securities laws violations by Tokai Pharmaceuticals and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of Tokai Pharmaceuticals Inc (NASDAQ:TKAI), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) concerning whether a series of statements by Tokai Pharmaceuticals regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On November 2, 2015, a report was published titled “What’s Wrong With Tokai Pharmaceuticals?”, alleging significant issues with the company’s trials for galeterone, Tokai’s sole product. The report stated, in part, that “Tokai’s attempt at a Phase 3 trial is based on data from just 6 patients out of 87 in Phase 2, based on after-the-fact cherry picking of data”; “Tokai dramatically changed its trial design between Phase 2 and Phase 3 and the FDA has already warned Tokai about problems with its trial design”; and “[i]nsider trading has been rampant ahead of preliminary data in 2016.”
Shares of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) declined to as low as $9.38 per share on November 2, 2015.
On December 1, 2015, NASDAQ:TKAI shares closed at $11.45 per share.
Those who purchased shares of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) 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