TESARO Class Action Lawsuit Filed – TESARO Shareholder Alert
Federal Securities Class Action Lawsuit Filed Against TESARO on Behalf of a Class of Purchasers or Acquirers of TSRO Securities Between March 14, 2016 and January 12, 2018
Kehoe Law Firm, P.C. previously reported about its investigation of TESARO, Inc. (NASDAQ:TSRO) on behalf of TESARO shareholders.
On January 17, 2018, a federal securities class action (Bowers v. Tesaro Incorporated, et al, No. 18-10086) was filed in United States District Court, District of Massachusetts, on behalf of a class consisting of all persons, other than the TESARO Defendants, who purchased, or otherwise acquired, TESARO securities between March 14, 2016 and January 12, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by the TESARO Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against TESARO and certain of TESARO’s executives.
TESARO Class Action Complaint & TESARO Defendant’s Alleged False and Misleading Statements
According to the TESARO class action complaint:
[TESARO] is an oncology-focused biopharmaceutical company that identifies, acquires, develops, and commercializes cancer therapeutics and oncology supportive care products in the United States.
. . .
At all relevant times, [TESARO’s] product portfolio has included [VARUBI® (rolapitant)], a neurokinin-1 (NK-1) receptor antagonist for the prevention of chemotherapy induced nausea and vomiting. In 2015, the U.S. Food and Drug Administration (“FDA”) approved an oral version of Varubi. On March 14, 2016, [TESARO] announced the submission of a New Drug Application (“NDA”) for an intravenous formulation of Varubi to the FDA. 25, On October 25, 2017, Tesaro announced the FDA’s approval of its intravenous version of Varubi.
Throughout the Class Period, [TESARO] Defendants made materially false and misleading statements regarding [TESARO’s] business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) substantial undisclosed health risks, including anaphylaxis and anaphylactic shock, were associated with [TESARO’s] intravenous formulation of Varubi; and (ii) as a result of the foregoing, [TESARO’s] shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages. [Emphasis added]
TESARO Updates U.S. VARUBI® (rolapitant) Labeling & TSRO Stock Drop
According to the TESARO class action complaint:
On January 12, 2018, post-market, [TESARO] announced that it had updated the U.S. labeling for the intravenous formulation of Varubi after receiving reports of “[a]naphylaxis, anaphylactic shock and other serious hypersensitivity reactions . . . in the post-marketing setting, some requiring hospitalization.” [TESARO] further stated that it “has issued a Dear Healthcare Professional (DHCP) letter.”
On this news, [TESARO’s] share price fell $4.07 or 5.85%, to close at $65.52 on January 16, 2018. [Emphasis added]
Further, according to the TESARO class action complaint, [a]s a result of [TESARO’s] wrongful acts and omissions, and the precipitous decline in the market value of [TESARO’s] securities, Plaintiff and other Class members have suffered significant losses and damages. [Emphasis added]
TESARO Investors & Shareholders
If you purchased, or otherwise acquired TSRO securities between March 14, 2016 and January 12, 2018, both dates inclusive, and have questions or concerns about your potential legal rights or claims, please contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], complete the form above on the right or e-mail [email protected].
Kehoe Law Firm, P.C.
