NEW YORK, March 16, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Argos Therapeutics, Inc. (“Argos” or the “Company”) (NASDAQ:ARGS) of the May 15, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Middle District of North Carolina on behalf of all those who purchased Argos securities between February 7, 2014 and February 21, 2017 (the “Class Period”). The case, Maurer v. Argos Therapeutics Inc. et al, No. 1:17-cv-00216 was filed on March 14, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) the Arcentis technology platform was not viable; (ii) ADAPT was likely to be discontinued, and (iii) as a result, the Company’s financial statements and statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Specifically, on February 22, 2017, prior to the market opening, Argos filed a Form 8-K with the Securities and Exchange Commission (“SEC”) announcing that the Independent Data Monitoring Committee for ADAPT recommended that the study be discontinued for futility, finding that the study was unlikely to demonstrate a statistically significant improvement in overall survival.
On this news, Argos’ share price fell from $4.40 per share on February 21, 2017 to a closing price of $1.48 on February 22, 2017—a $2.92 or a 66.36% drop.
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Take Action
If you invested in Argos securities between February 7, 2014 and February 21, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/ARGS. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Argos’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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