Robbins LLP Reminds Investors of Lead Plaintiff Deadline in Argos Therapeutics, Inc. (ARGS) Class Action
Robbins LLP reminds investors that a class action complaint was filed against Argos Therapeutics, Inc. (NASDAQGM: ARGS) in the U.S. District Court for the Middle District of North Carolina. The complaint is brought on behalf of all purchasers of Argos securities between February 7, 2014 and February 21, 2017, for alleged violations of the Securities Exchange Act of 1934 by Argos’s officers and directors. Argos focuses on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases in North America. Argos’s most advanced product candidate, known as AGS-003, is designed to treat metastatic renal cell carcinoma (“mRCC”) and other cancers.
Argos Accused of Hiding Problems Related to its Drug Trial
According to the complaint, in January 2013, Argos initiated its ADAPT Phase 3 clinical trial to evaluate AGS-003 for the treatment of mRCC. Argos stated that it established an Independent Data Monitoring Committee (“IDMC”) that will conduct interim analyses of the trial data for safety and futility. Argos subsequently issued a press release stating that its Phase 2 trial for AGS-003 showed a statistically significant correlation between the magnitude of the immune response and overall survival. The company further stated that AGS-003 was the only drug the company was aware of to show this effect with statistical significance. Argos continued to portray a positive outlook for AGS-003, stating that it was pleased with the progress of the Phase 3 trial and that Argos was well positioned to continue to develop the drug.
However, the complaint alleges that Argos officials failed to disclose that its Arcentis technology platform was not viable and that the ADAPT trial was likely to be discontinued. On February 22, 2017, in its Form 8-K filed with the U.S. Securities and Exchange Commission, Argos revealed that the IDMC for ADAPT recommended that the study be discontinued for futility, finding that the study was “unlikely to show a statistically significant improvement in overall survival in the combination treatment arm, utilizing the intent-to-treat population, the primary endpoint of the study.” Argos further revealed that it would discuss the data with the U.S. Food and Drug Administration and based on those discussions will make a determination as to the next steps for the clinical program. On this news, Argos’s stock fell by approximately 66% to close at $1.48 per share on February 22, 2017.
Argos Shareholders Have Legal Options
If you suffered a loss in Argos, you have until May 15, 2017, to request that the Court appoint you as lead plaintiff. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.