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NEW ORLEANS, October 16, 2021--(BUSINESS WIRE)--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 18, 2021 to file lead plaintiff applications in a securities class action lawsuit against Sesen Bio, Inc. (NasdaqGM: SESN), if they purchased the Company’s securities between December 21, 2020 and August 17, 2021, inclusive (the "Class Period"). These actions are pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased securities of Sesen Bio and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nasdaqgm-sesn/ to learn more. If you wish to serve as a lead plaintiff in these class actions by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by October 18, 2021.
About the Lawsuits
Sesen Bio and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 13, 2021, the Company disclosed that the BLA for its product candidate, Vicineum, was denied approval by the U.S. Food and Drug Administration ("FDA"). On this news, shares of Sesen Bio fell approximately 57%. Then, on August 16, 2021, the Company further disclosed that an additional clinical trial was needed "to provide the additional efficacy and safety data necessary for the FDA to assess the benefit-risk profile, which is the basis for approval" and it would be unable to resubmit its BLA until 2023. On this news, shares of Sesen Bio fell an additional 42%. Finally, on August 18, 2021, a health and medicine news site, STAT, reported that the clinical trial for Vicineum was "marked by thousands of violations of study rules, damning investigator conduct, and worrying signs of toxicity the company did not publicly disclose" based on "hundreds of pages of internal documents" and "three people familiar with the matter." On this news, Sesen Bio fell an additional 13%, further damaging investors.
The first-filed case is Bibb v. Sesen Bio, Inc., 21-cv-07025.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211015005645/en/
Lewis Kahn, Managing Partner