LOS ANGELES–(ZEEST MEDIA)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Rain Oncology Inc. (“Rain” or “the Company”) (NASDAQ: RAIN) for violations of the securities laws.
“[b]ased upon these topline data, Rain does not expect to pursue further development of milademetan in DD LPS.”
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Rain issued a press release on May 22, 2023, announcing topline results from its Phase 3 MANTRA trial of milademetan. The Company’s press release stated, “the trial, evaluating the efficacy, safety, and tolerability of milademetan in patients with dedifferentiated (DD) liposarcoma (LPS), did not meet its primary endpoint of progression free survival (PFS) by blinded independent central review compared to the standard of care, trabectedin” and stated that “[b]ased upon these topline data, Rain does not expect to pursue further development of milademetan in DD LPS.” Based on this news, shares of Rain fell by more than 88.7% on the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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