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Oklahoma City, OK (January 29, 2019) – On January 28, 2019, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Tyme Technologies, Inc. (NASDAQ: TYME). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is March 14, 2018 through January 18, 2019. More specifically, the complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Tyme had not adequately designed the Phase II Study to present reliable results on the efficacy of SM-88 on pancreatic cancer; (ii) Tyme had failed to include an appropriate control group in its open-label Phase II clinical trial for SM-88; (iii) the omission of an appropriate control group distorted the reliability of data showing the efficacy of SM-88 in the Phase II Study; and (iv) as a result, Tyme’s public statements were materially false and misleading at all relevant times.
On March 14, 2018, Tyme announced that the U.S. Food and Drug Administration (“FDA”) had accepted its Investigational New Drug (“IND”) application to initiate the Company’s Phase II clinical trial for SM-88 in pancreatic cancer (the “Phase II Study”).
On March 27, 2018, Tyme commenced a Phase II Study of SM-88, officially titled “A Phase II Multi-Center Study of SM-88 in Subjects With Pancreatic Cancer Whose Disease Has Progressed or Recurred After/on First Line Chemotherapy” (the “Phase II Study”).
On January 18, 2019, Tyme reported results from the Phase II Study. Although Tyme characterized the results as positive, stating that SM-88 “improves survival,” the trial did not include a control group, and Tyme’s announcement merely compared survival data to historical controls. Market commentators were quick to highlight this glaring deficiency in the Phase II Study.
On this news, Tyme’s stock price fell $1.32 per share, or 35.39%, to close at $2.41 per share on January 18, 2019.
Plaintiff seeks to recover damages on behalf of all Tyme Technologies, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Friday, March 29, 2019 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org