Stemline Therapeutics Inc (NASDAQ: STM) Investor Securities Class Action Lawsuit 02/03/2017

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Company Name(s): 
Stemline Therapeutics
Case Name: 
Stemline Therapeutics Shareholder Class Action Lawsuit 02/03/2017
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: STML
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/03/2017
Class Period Begin: 
01/19/2017
Class Period End: 
02/01/2017
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
04/04/2017
Date Settled: 
06/14/2019
Settlement Amount: 
$680,000
Deadline to Participate in Settlement: 
10/23/2019
Summary: 

June 14, 2019 - The court preliminarily approved the settlement.

March 12, 2019 - Parties filed a stipulation of settlement.

July 13, 2018 - The U.S. Court of Appeals for the Second Circuit granted the parties' stipulation withdrawing the appeal.

April 13, 2018 - The court terminated the case.

April 11, 2018 - The lead plaintiffs filed a notice of appeal.

March 15, 2018 - The court granted defendants' motion to dismiss with prejudice.

August 25, 2017 - Defendants filed a motion to dismiss.

June 26, 2017 - The lead plaintiffs filed an amended complaint.

April 25, 2017 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

April 4, 2017 - Lead plaintiff motions were filed.

February 3, 2017 - An investor in shares of Stemline Therapeutics Inc (NASDAQ: STML) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Stemline Therapeutics Inc in connection with certain allegedly false and misleading statements made between.

According to the complaint the plaintiff alleges on behalf of purchasers of Stemline Therapeutics Inc (NASDAQ: STML) securities pursuant and/or traceable to Stemline Therapeutics Inc’s secondary public offering on or about January 20, 2017 and/or publicly traded on the open market between January 19, 2017 and February 1, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the defendants made false and/or misleading statements and/or failed to disclose that a cancer patient in a Stemline Therapeutics Inc clinical trial tied to SL-401 died from a severe side effect on January 18, 2017, and that as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

New York based Stemline Therapeutics Inc is a clinical-stage biopharmaceutical company focused on discovering, acquiring, developing and commercializing oncology therapeutics. Stemline Therapeutics Inc went public in early 2013. Shares of Stemline Therapeutics Inc (NASDAQ: STML) grew from $4.20 per share in February 2016 to as high as $14.25 per share on January 11, 2017.

On January 19, 2017, Stemline Therapeutics Inc announced the proposed public offering of common stock.

On January 20, 2017, Stemline Therapeutics Inc announced the pricing of the public offering of 4.5 million shares of its common stock at a price of $10.00 per share, with expected gross proceeds of $45 million.

On February 2, 2017, it was reported that a cancer patient in a clinical trial died on January 18, 2017 from a severe side effect tied to Stemline Therapeutics Inc’s drug SL-401, which was not disclosed to investors who bought into Stemline Therapeutics Inc’s public offering.

Shares of Stemline Therapeutics Inc (NASDAQ: STML) dropped to as low as $5.50 per share on February 2, 2017.