EQUITY ALERT: ROSEN, NATIONAL INVESTOR COUNSEL, Announces Investigation of Securities Claims Against CymaBay Therapeutics, Inc. – CBAY
NEW YORK--(BUSINESS WIRE)--Mar 2, 2020--
Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of CymaBay Therapeutics, Inc. (NASDAQ: CBAY), resulting from allegations that CymaBay may have issued materially misleading business information to the investing public.
On June 11, 2019, CymaBay announced results from an ongoing 52-week Phase 2b dose-ranging, paired liver biopsy study. The results showed reductions in liver fat were minimal and not significant compared to placebo. Nonetheless, CymaBay’s Chief Medical Officer, Dr. Pol Boudes, downplayed these results, stating ”[w]hile the reductions in liver fat were minimal, we remain encouraged by the significant improvements in biochemical markers of liver injury that we observed at week 12.” On this news, CymaBay’s stock price fell $5.04 per share, or over 45%, to close at $6.05 per share on June 11, 2019.
On September 17, 2019, CymaBay announced the Company and Dr. Boudes “mutually agreed” he would cease to be an officer and employee of the Company. Then, on November 25, 2019, CymaBay announced it was halting the development of Seladelpar “based on initial histological findings observed in the Phase 2b study of seladelpar in NASH.” On this news, CymaBay’s stock price fell $4.22 per share, or over 76%, to close at $1.33 per share on November 25, 2019.
On December 19, 2019, CymaBay announced it would terminate 60% of its employees as it explores strategic alternatives, sending the price of its shares sharply lower again. A month later, nearly half of the Company’s Board abruptly resigned. On January 29, 2020, CymbaBay’s President and CEO, Sujal Shah, published a letter to shareholders stating that the Company had been “working to assess all potential ways to maximize value for our shareholders, including liquidation, sale, merger, asset acquisitions, and/or continuing development of our internal programs.” On this news, CymaBay’s stock price fell $0.21 per share, or over 11%, to close at $1.65 per share on January 30, 2020.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by CymaBay investors. If you purchased shares of CymaBay please visit the firm’s website at http://www.rosenlegal.com/cases-register-1796.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40thFloor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Rosen Law Firm, P.A.
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PUB: 03/02/2020 04:15 PM/DISC: 03/02/2020 04:15 PM