YMAB.US
id: 549
Y-mAbs (YMAB) Investor Settlement
S.D. New York
Court1:23-cv-00431
Case number06 Oct 2020
Class period Start28 Oct 2022
Class period End07 Oct 2024
Claim deadlineY-mAbs Therapeutics has settled with $YMAB investors over claims related to the issues with FDA approval of its cancer drug.
Outline
In 2020, Y-mAbs was accused of misleading investors about the chances of FDA approval for their cancer drug, Omburtamab. The company publicly assured that it could resolve the FDA’s concerns. However, in October 2022 the FDA voted against the approval. Following this, $YMAB fell, and Y-mAbs faced a lawsuit from investors.
Timeline
- On October 5, 2020: Y-mAbs announced that the FDA didn’t approve its cancer drug.
- On March 31, 2022: Y-mAbs resubmitted the application for the drug.
- On October 26, 2022: The FDA released a report highlighting issues with the effectiveness of the treatment.
- On the same day, $YMAB fell 76.21%.
- On October 28, 2022: The FDA committee voted against approving Omburtamab.
- On January 18, 2023: Investors sued Y-mAbs for misleading about FDA approval.
Background
On October 5, 2020, the FDA denied Y-mAbs application for Omburtamab, a treatment for children with cancer.
The FDA said there wasn’t sufficient evidence to demonstrate the treatment's effectiveness. They also had concerns about the reliability and comparability of patient data used to support the application.
Despite Y-mAbs' public assurances of addressing these issues, they resubmitted the application on April 1, 2022, without fully resolving the FDA's concerns.
On October 26, 2022, the FDA released a report reiterating their concerns.
On the same day, $YMAB fell by 76%.
In 2023, shareholders filed a class action lawsuit against Y-mAbs, stating that the company misled them about the FDA approval process and the effectiveness of Omburtamab.
What can investors expect now?
Y-mAbs Therapeutics has reached an agreement with $YMAB investors who claimed the company misled them about FDA approval chances for the Omburtamab.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Case Status
Accepting Claims
Alleged Offence
Mismanagement,
Misleading Statements,
Malpractice,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.954
Filing date
18 January 2023
Lead Plaintiff Deadline
21 March 2023
Plaintiffs
Omar Miramontes
Attorneys
Glancy Prongay & Murray LLP (New York, NY), Pomerantz LLP (New York, NY)
Defendants
Thomas Gad, Claus Juan Moller San Pedro, Vignesh Rajah
Judge
Arun Subramanian
Administrator
Strategic Claims Services
Settlement agreement date
2024-07-12
Court hearing date
28 October 2024
Exclusion deadline
07 October 2024
Objection deadline
07 October 2024
Hearing deadline
07 October 2024
Attorney fee
$6,760,950
Trades matching type
FIFO
+$19,650,000
Cash Settlement Amount