Gibbs Law Group Investigates Potential Securities Law Violations
Shares of Y-mAbs Therapeutics, Inc. dropped 27% on October 26, 2022 after the FDA posted briefing documents regarding the company’s neuroblastoma drug, omburtamab, stating there were “significant questions" as to the adequacy and control of the submitted study. Previously, in October of 2020, the FDA had issued a Refusal to File letter for omburtamab. Gibbs Law Group is looking into a potential Y-mAbs Therapeutics (YMAB) Securities Class Action Lawsuit on behalf of shareholders who lost money in Y-mAbs Therapeutics, Inc. (NASDAQ:YMAB).
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On Wednesday, October 26, 2022, shares of cancer pharmaceutical company Y-mAbs Therapeutics, Inc. dropped after the FDA posted briefing documents regarding the company’s neuroblastoma drug, omburtamab, stating there were “significant questions as to whether the submitted study can be considered an adequate and well-controlled trial necessary to establish effectiveness.”
Previously, in y-mAbs’s earnings call for Q2 of 2022 on August 9, 2022, the company assured investors it had been involved in a number of “ongoing” discussions with the FDA regarding omburtamab and the team was “confident” they would be able to address any issues raised. The company further expressed, “given the fact that [neuroblastoma] is a rare disease, in an area of unmet medical need with very poor prognosis, we also believe the FDA…will look at this as an area where flexibility needs to be applied in making any judgments around risk benefit assessments.”
This is not the first set-back Y-mAbs has received for its drug omburtamab. In October of 2020, the FDA had issued a Refusal to File letter, leading Y-mAbs to resubmit its application for the drug on April 1, 2022.
Following this news of the FDA’s concerns, y-mAbs’s stock price dropped 23% on October 26, 2022, causing significant harm to investors.
What Should Y-mAbs Investors Do?
If you invested in Y-mAbs, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether y-mAbs Therapeutics, Inc. has violated federal securities laws by providing false or misleading statements to investors.
About Gibbs Law Group
Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”
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