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INFI.US
id: 802

Infinity Pharmaceuticals, Inc. (INFI) Case over TNBC Misleading

D. Massachusetts
Court
1:23-cv-11865
Case number
05 Jan 2022
Class period Start
24 Jul 2023
Class period End
14 Oct 2023
Lead Plaintiff motion deadline
  • Infinity Pharma announced the termination of the Merger with MEI Pharma and the ongoing 78% cut in its workforce.
  • $INFI fell over 85% since January 2022, damaging shareholders.
  • Investors suspect that Infinity & its Leaders pushed the false narrative that its flagship product was proceeding apace.
On July 24, 2023, Infinity (INFI) announced that the merger was terminated because shareholders of MEI Pharma voted against it.

On this news, $INFI fell over 40%, damaging shareholders.

The next day, Infinity announced a “Value Preservation and Maximization Plan”, whereby it was, among other things, terminating 78% of its workforce.
  • On February 23, 2023, Infinity announced that it had entered into a merger agreement with MEI Pharma (MEIP). The proposed transaction was all stock, pursuant to which Infinity shareholders will receive shares of $MEIP common stock.
  • During the Webcast, CEO Perkins stated that Infinity would "prioritize head and neck cancer." No mention was made of breast cancer MARIO-4 and MARIO-P treatments like it never existed, and TNBC was never a priority for eganelisib treatment.
  • On this news, $INFI plummeted by 49%, wiping out almost half of its market capitalization.
Over a year the Company pushed the narrative that Infinity’s flagship product, eganelisib, was proceeding apace in its clinical studies as a treatment for breast cancer. Specifically, Infinity touted two clinical studies:
  1. MARIO-4, a randomized, double-blind Phase 3 study;
  2. MARIO-P, a platform study to evaluate additional combinations and indications where eganelisib might increase the effectiveness of available therapies.
Now, Investors have reasons to suspect Infinity and its certain executives of misrepresenting to shareholders that Infinity was moving forward on the MARIO4 and MARIO-P studies for breast cancer and that Infinity had multiple partnership options.
Alleged Offence
Misleading Statements
Failure to Disclose
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Investment Bank
Security Type
Stocks
Trade Direction
Long
Shock Event Date
24 July 2023
Filing date
15 August 2023
Lead Plaintiff Deadline
14 October 2023
Collecting participants…

Infinity Pharmaceuticals Inc

Infinity Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on developing novel medicines for people with cancer. The company's product candidate, including eganelisib (IPI-...

    Ticker
    INFI.US
    ISIN
    US45665G3039
    CIK
    1113148
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    1100 Massachusetts Avenue, Cambridge, MA, United States, 02138