INVESTOR ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Puma Biotechnology To Contact The Firm

News provided by

Jun 05, 2015, 07:30 ET

NEW YORK, June 5, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Puma Biotechnology, Inc. ("Puma Biotech" or the "Company") (NYSE: PBYI) of the August 3, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Puma Biotech and certain executives.

A complaint has been filed in the Central District of California on behalf of investors who purchased Puma Biotech securities between July 23, 2014 and May 13, 2015, inclusive (the "Class Period").

The action alleges that the Company and its executives violated federal securities laws during the Class Period by failing to disclose that (1) the Company's New Drug Application (NDA) filing for neratinib would be purposed toward a positive early stage breast cancer indication as opposed to the previously announced metastatic breast cancer; (2) the Company will need to submit additional safety data from preclinical carcinogenicity studies with its NDA filing, which the Company does not possess; (3) the required additional studies would push the timeline for filing the NDA into at least the first quarter of 2016; and (4) the Company overstated results from its Phase III ExteNET Trial.

On December 2, 2014 Puma Biotech announced that it intends to delay its proposed timeline for filing the NDA until the first quarter of 2016. On this news, shares of Puma Biotech fell $27.33 per share, or over 12%, to close at $197.67 per share on December 3, 2014 on extremely high volume.

Furthermore, according to a Bloomberg report dated May 13, 2015, Puma Biotech's breast-cancer drug neratinib provided disappointing results in its clinical trials. The rate of disease-free survival with neratinib, at 93.9 percent, was 2.3 percentage points higher than with the placebo, while investors had expected at least a 3 percent improvement. The news made Puma Biotech's shares sink 18.6% to close at a price of $170.67 on May 14, 2015, for the biggest one-day decline since June 2, 2014.

Request more information now by clicking here: www.faruqilaw.com/PBYI. There is no cost or obligation to you.

Take Action

If you invested in Puma Biotech stock or options between July 23, 2014 and May 13, 2015 inclusive and would like to discuss your legal rights, visit www.faruqilaw.com/PBYI. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Puma Biotech's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
[email protected]
Telephone: (877) 247-4292 or (212) 983-9330

Logo - http://photos.prnewswire.com/prnh/20120119/MM38856LOGO

SOURCE Faruqi & Faruqi, LLP