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SAN DIEGO (Legal Newsline) - Anaptysbio, Inc. is up against a securities class action from the City of Hallandale Beach Police Officers’ and Firefighters’ Personnel Retirement Trust.
Hamza Suria, Marco Londei and Dominic G. Piscitelli were also sued in the U.S. District Court for the Southern District of California on March 25.
The plaintiffs accused the defendants of violating federal securities laws when AnaptysBio, a drug development and treatment company, neglected to inform them of details of etokimab, a drug used to treat eczema and peanut allergies.
Ultimately, the plaintiffs said that it made trades at inflated prices, not knowing that the company misrepresented etokmiab and made “its prospects appear far better than they are,” according to the lawsuit.
The company was said to be outed on March 26, 2018, after an analyst challenged the company’s claims about the progression of etokimab.
Because of the defendants’ incorrect claims, the plaintiffs lost considerable amounts of money, they claim.
They sued for violations of section 10(b) of the Exchange Act and Rule 10b-5 and violations of section 20(a) of the Exchange Act.
They’re suing for damages, attorneys’ fees and expert fees.