TESARO Inc (NASDAQ: TSRO) Investor Securities Class Action Lawsuit 01/17/2018

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Company Name(s): 
Case Name: 
TESARO Shareholder Class Action Lawsuit 01/17/2018
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 

May 4, 2018 - Lead plaintiff and lead counsel were appointed.

March 19, 2018 - Lead plaintiff motions were filed.

January 17, 2018 - An investor in shares of TESARO Inc (NASDAQ: TSRO) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by TESARO Inc in connection with certain allegedly false and misleading statements made between March 14, 2016 and January 12, 2018.

Waltham, MA based TESARO Inc is an oncology-focused biopharmaceutical company that operates through the business of developing and commercializing of oncology-focused therapeutics segment. TESARO Inc’s product portfolio has included Varubi (rolapitant), a neurokinin-1 (NK-1) receptor antagonist for the prevention of chemotherapy induced nausea and vomiting. In 2015, the U.S. Food and Drug Administration (“FDA”) approved an oral version of Varubi. On March 14, 2016, TESARO Inc announced the submission of a New Drug Application for an intravenous formulation of Varubi to the FDA. TESARO Inc reported that its annual Total Revenue rose from $0.32 million in 2015 to $44.82 million in 2016. On October 25, 2017, TESARO Inc announced the FDA’s approval of its intravenous version of Varubi.

Then, on January 12, 2018, TESARO Inc announced that it had updated the U.S. labeling for Varubi (rolapitant), indicated for the prevention of delayed nausea and vomiting associated with chemotherapy, after receiving reports of "[a]naphylaxis, anaphylactic shock and other serious hypersensitivity reactions . . . in the postmarketing setting, some requiring hospitalization." TESARO Inc further stated that it "has issued a Dear Healthcare Professional (DHCP) letter."

Shares of TESARO Inc (NASDAQ: TSRO) declined to $61.68 per share on January 17, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of TESARO Inc (NASDAQ: TSRO) common shares between March 14, 2016 and January 12, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 14, 2016 and January 12, 2018, the defendants made false and/or misleading statements and/or failed to disclose that substantial undisclosed health risks, including anaphylaxis and anaphylactic shock, were associated with Tesaro Inc’s intravenous formulation of Varubi, and that as a result of the foregoing, Tesaro Inc’s shares traded at artificially inflated prices between March 14, 2016 and January 12, 2018, and class members suffered significant losses and damages.