Puma Biotechnology Executives Under Investigation for Breast Cancer Drug
Shareholder and consumer rights law firm Schubert Jonckheer & Kolbe LLP is investigating potential claims on behalf of shareholders of Puma Biotechnology, Inc. (NYSE: PBYI) related to the company’s statements regarding its breast cancer drug, neratinib.
The investigation concerns whether Puma Biotechnology’s officers and directors breached their fiduciary duties by making false and misleading statements to shareholders and the market regarding neratinib clinical trial results between July 22, 2014 and May 29, 2015. Specifically, Puma Biotechnology claimed that patients treated with neratinib “resulted in a 33% improvement in disease free survival versus placebo.” During this period, Puma Biotechnology’s officers and directors may have known the truth – that neratinib treatment only resulted in modest benefits as compared to placebo – while the company’s Chief Executive Officer and Senior Vice President of Finance and Administration and Treasurer together collected more than $23 million in performance-based compensation.
Puma Biotechnology’s officers and directors’ statements may have exposed the company to significant civil liability. The company currently faces a class action lawsuit alleging that Puma Biotechnology knew about neratinib’s modest health benefits and concealed these facts from the public. On September 30, 2016, U.S. District Judge Andrew J. Guilford denied Puma Biotechnology’s motion to dismiss the class action, which may expose the company to millions of dollars in damages, as well as investigatory and litigation costs related to defending the action.
If you currently own stock in Puma Biotechnology and wish to obtain additional information about our investigation and your legal rights, please complete the form below or contact Dustin Schubert at email@example.com or 415.788.4220.