According to the lawsuit, throughout the Class Period the defendants made statements that were misleading and/or false and/or failed to disclose that: (1) MEI Pharma overstated the potential efficacy of Pracinostat as an acute myeloid leukemia (“AML”), treatment for the target population; (2) consequently, the Phase 3 Pracinostat Trial was unlikely to meet its primary endpoint of overall survival; (3) once revealed, all the foregoing was foreseeably likely to have a material negative impact on the financial condition of the company’s and prospects for Pracinostat; and (4) as a result, public statements made by the company were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
MEI Pharma, Inc.
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