Lawsuit for Investors in shares of Puma Biotechnology Inc (NYSE:PBYI) against Directors announced by Shareholders Foundation

SAN DIEGO, Oct. 04, 2016 -- The Shareholders Foundation, Inc. announces that a lawsuit was filed by an investor in shares of Puma Biotechnology Inc (NYSE:PBYI) against certain directors of Puma Biotechnology Inc over alleged breaches of fiduciary duties.

Investors who purchased shares of Puma Biotechnology Inc (NYSE:PBYI) in 2013 or earlier and continue to hold any of those NYSE:PBYI shares, have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.

On July 22, 2014, Puma Biotechnology Inc announced positive top line results from the Phase III clinical trial of Puma's investigational breast cancer drug, PB272 (neratinib). Puma Biotechnology Inc said that based on the results from the ExteNET study, Puma plans to file for regulatory approval of neratinib in the extended adjuvant setting in the first half of 2015.

On May 13, 2015, after the close of trading, Puma Biotechnology Inc released four abstracts for its PB272 (neratinib) breast cancer drug that were to be presented at the American Society of Clinical Oncology annual meeting. From the presentation at the American Society of Clinical Oncology meeting, Abstract #508 provides a summary of the ExteNET trial which is a Phase 3 trial comparing Puma Biotechnology Inc's lead product candidate, neratinib, to placebo in HER2+ breast cancer patients who were pre-treated with Roche's Herceptin (trastuzumab). The primary endpoint was the proportion of patients who were disease-free two years after adjuvant treatment as measured by invasive disease-free survival (IDFS). IDFS in the neratinib arm (n=1,409) was 93.9% compared to 91.6% for placebo (n=1,412).

In June 2015 a lawsuit was filed against Puma Biotechnology Inc over alleged securities laws violations. Among other things, the plaintiff in that suit  claimed that the modest difference of only 2.3% (p=0.0046) was lower than the market expected especially given that on July 22, 2014, Puma Biotechnology Inc stated that Neratinib performed 33% better than the placebo.

Those who purchased shares of Puma Biotechnology Inc (NYSE:PBYI) in 2013 or earlier and continue to hold any of those NYSE:PBYI shares, have certain options and should contact the Shareholders Foundation, Inc at [email protected] or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT: 

Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554