Robbins LLP is Investigating the Allegations that Checkpoint Therapeutics, Inc. Overstated the Prospects of its Lead Product Candidate, Cosibelimab
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Checkpoint Therapeutics, Inc. (NASDAQ: CKPT) securities between March 10, 2021 and December 15, 2023. Checkpoint is a clinical-stage immunotherapy and targeted oncology company that focuses on the acquisition, development, and commercialization of novel treatments for patients with solid tumor cancers in the U.S. and internationally.
The Allegations
According to the complaint, during the class period, defendants failed to disclose that: (i) Checkpoint had overstated its oversight of, and/or its establishment of adequate manufacturing standards and controls over, its third-party contract manufacturers; (ii) accordingly, there were one or more issues with the Company’s third-party contract manufacturing organization (“CMO”) for cosibelimab; (iii) all the foregoing reduced the likelihood that the FDA would approve the cosibelimab Biologics License Application (“BLA”) in its present form; and (iv) as a result, the manufacturing, regulatory, and commercial prospects of cosibelimab were overstated.
Plaintiff alleges that on December 18, 2023, Checkpoint issued a press release disclosing that the FDA had not approved the cosibelimab BLA as a treatment for patients with metastatic or locally advanced cSCC who are not candidates for curative surgery or radiation. In particular, the Company announced “that the [FDA] has issued a complete response letter (‘CRL’) for the cosibelimab [BLA] for the treatment of patients with metastatic or locally advanced [cSCC] who are not candidates for curative surgery or radiation.” The Company stated that “[t]he CRL . . . cites findings that arose during a multi-sponsor inspection of Checkpoint’s third-party [CMO] as approvability issues to address in a resubmission.”
On this news, Checkpoint’s stock price fell $1.49 per share, or 44.88%, to close at$1.83 per share on December 18, 2023.
What Now: You may be eligible to participate in the class action against Checkpoint Therapeutics, Inc. Shareholders who want to serve as lead plaintiff for the class should submit their papers to the court by June 4, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
