This case was last updated from U.S. District Courts on 01/24/2023 at 03:43:49 (UTC).

Corwin v. Y-mAbs Therapeutics, Inc. et al

Case Summary

On January 18, 2023, Robert Corwin (“Plaintiff”), on behalf of himself and all others similarly situated, represented by Robert C. Finkel of Wolf Popper LLP, filed a civil action against Y-mAbs Therapeutics, Inc., Thomas Gad, Claus Juan Moller San Pedro, and Vignesh Rajah (collectively, “Defendants”), seeking damages for alleged violation of the Exchange Act. This case was filed in the U.S. District Court for the Southern District of New York.

In the complaint, the plaintiff alleged, “Plaintiff brings this action as a class action on behalf of himself and all other persons or entities who purchased shares of Y-mAbs Therapeutics, Inc. (‘Y-mAbs’) common stock on the open market, or pursuant to Registration Statements filed with the U.S. Securities and Exchange Commission (‘SEC’), during the period October 6, 2020 through October 28, 2022, inclusive (the ‘Class Period’).”

The plaintiff then alleged that “throughout the Class Period, beginning on October 6, 2020, Y-mAbs misrepresented to investors that, pursuant to a series of meetings and other communications between Y-mAbs and the FDA, that progress was being made that would align with the FDA’s requirement to demonstrate substantial evidence of effectiveness, sufficient for approval of omburtamab, through adequate and well-controlled studies.”

Plaintiff further alleged that “the FDA had repeatedly advised the Defendants that the FDA was unlikely to grant approval for the marketing of omburtamab based on a comparison between Study 03-133 and CGCCR because of substantial differences in the patient populations, and the absence of tumor response data, and that Study 101 was neither sufficiently advanced nor indicative of efficacy to justify approval.”

The plaintiff then alleged, “The true facts were first disclosed to investors shortly after the opening of trading on October 26, 2022 when the FDA published its Briefing Document for an October 28, 2022 Advisory Committee (‘AdCom’) Meeting, and again, on October 28, 2022 when the AdCom vote 16-0 against recommending approval of omburtamab.”

Plaintiff further alleged, “The disclosure of the true facts caused Y-mAbs common shares to plummet $11.56 a share from the closing price on October 25, 2022 of $15.17 a share to close on October 31, 2022 at $3.61 a share.”

Additionally, the plaintiff alleged, “Defendants were financially motivated to misrepresent the truth and artificially inflate the market price of Y-mAbs stock. Among other things, during the Class Period, Y-mAbs conducted a secondary offering on February 17, 2021 – selling 2,804,878 million shares of YMAB common stock at $41.00 per share, for gross proceeds of $115 million.”

Plaintiff further alleged, “Defendants employed devices, schemes and artifices to defraud, while in possession of material adverse non-public information and engaged in acts, practices, and a course of fraudulent conduct as alleged herein in an effort to assure investors of Y-mAbs’s progress.”

The plaintiff then alleged, “Had Plaintiff and the other members of the Class known of the material adverse information not disclosed by Defendants, or had they been aware of Defendants' material misstatements, they would not have purchased Y-mAbs’s common stock at artificially inflated prices.”

Plaintiff presented two claims for relief, including for alleged violation of Section 10(b), Rule 10b-5, and Section 20(a) of the Exchange Act.

In the prayer for relief, the plaintiff requested an award for damages along with appropriate interest and costs of litigation. 

This is a summary of a legal complaint. All statements, claims, and allegations listed herein reflect the position of the plaintiff only and do not represent the position of UniCourt. Additionally, this case summary may not reflect the current position of the parties to this litigation or the current status of this case. To view the latest case updates and court documents, please sign up for a UniCourt account.

Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:23-CV-00431

  • Filing Date:

    01/18/2023

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judge

Jesse M. Furman

 

Party Details

Plaintiff

Robert Corwin

Defendants

Y-mAbs Therapeutics, Inc.

Thomas Gad

Claus Juan Moller San Pedro

Vignesh Rajah

Attorney/Law Firm Details

Plaintiff Attorney

Robert Craig Finkel

Attorney at Wolf Popper LLP

845 Third Avenue

New York, NY 10022

 

Court Documents

#1

(#1) COMPLAINT against Thomas Gad, Claus Juan Moller San Pedro, Vignesh Rajah, Y-mAbs Therapeutics, Inc.. (Filing Fee $ 402.00, Receipt Number ANYSDC-27217297)Document filed by Robert Corwin..(Finkel, Robert) (Entered: 01/18/2023)

#2

(#2) REQUEST FOR ISSUANCE OF SUMMONS as to Y-mAbs Therepeutics, Inc., Thomas Gad, Claus Juan Moller San Pedro & Vignesh Rajah, re: #1 Complaint. Document filed by Robert Corwin..(Finkel, Robert) (Entered: 01/18/2023)

#3

(#3) CIVIL COVER SHEET filed..(Finkel, Robert) (Entered: 01/18/2023)

#4

(#4) ELECTRONIC SUMMONS ISSUED as to Thomas Gad, Claus Juan Moller San Pedro, Vignesh Rajah, Y-mAbs Therapeutics, Inc...(pc) (Entered: 01/19/2023)

#5

(#5) ORDER REGARDING NOTICE TO PURPORTED PLAINTIFF CLASS MEMBERS: On January 18, 2023, Plaintiff filed a putative class action on behalf of "all persons or entities who purchased shares of Y-mAbs common stock on the open market, or pursuant to Registration Statements filed with the SEC, during the Class Period October 6, 2020 through October 28, 2022, inclusive, and suffered damages caused by Defendants' violations of the federal securities laws," but excluding the Defendants herein, officers and directors of Y-mAbs ('Excluded D&Os'), members of the Defendants' and the Excluded D&A's immediate families, affiliates of Y-mAbs, and any entity in which a Defendant or an Excluded D&O has a controlling interest. Docket No. 1. ("Compl."), Paragraph 15. The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Section 78u-4(a)(3)(A) of the Private Securities Litigation Reform Act ("PSLRA"), 15 U.S.C. 78u-4(a)(3)(A), requires that "[n]ot later than 20 days after the date on which the complaint is filed, the plaintiff or plaintiffs shall cause to be published, in a widely circulated national business-oriented publication or wire service, a notice advising members of the purported plaintiff class... of the pendency of the action, the claims asserted therein, and the purported class period." 15 U.S.C. 78u-4(a)(3)(A)(i) (emphasis added). It is hereby ORDERED that no later than February 9, 2023, Plaintiff shall advise the Court in writing of the date and manner in which it published this notice. SO ORDERED. (Signed by Judge Jesse M. Furman on 1/19/2023) (vfr) Modified on 1/19/2023 (vfr). (Entered: 01/19/2023)

#6

(#6) LETTER addressed to Judge Jesse M. Furman from Joshua W. Ruthizer dated January 20, 2023 re: Response to Order Dated January 19, 2023 (ECF No. 5). Document filed by Robert Corwin..(Ruthizer, Joshua) (Entered: 01/20/2023)

#7

(#7) ORDER, Plaintiff's counsel notified the Court that the required notice was published on January 18, 2023. See ECF No. 6. Members of the purported class therefore have until March 20, 2023, to move the Court to serve as lead plaintiffs. It is further ORDERED that opposition to any motion for appointment of lead plaintiff shall be served and filed by April 3, 2023. No replies may be filed absent prior leave of Court. Finally, it is hereby ORDERED that a conference shall be held on April 18, at 3:00 p.m. to consider any motions for appointment of lead plaintiff and lead counsel and for consolidation. The conference will be held remotely by telephone in accordance with Rule 3(B) of the Court's Individual Rules and Practices in Civil Cases, available at https://nysd.uscourts.gov/hon-jesse-m-furman. All others counsel who will not have speaking roles and members of the public may listen to the conference by calling the Court's dedicated conference call line at (888) 363-4749 and using access code 542-1540 followed by the pound (#) key. It is further ORDERED that the named plaintiffs shall promptly serve a copy of this Order on each of the Defendants. SO ORDERED. ( Motions due by 3/20/2023., Responses due by 4/3/2023, Telephone Conference set for 4/18/2023 at 03:00 PM before Judge Jesse M. Furman.) (Signed by Judge Jesse M. Furman on 1/23/23) (yv) (Entered: 01/23/2023)

 

Docket Entries

  • 01/23/2023
  • View Court Documents
  • Docket(#7) ORDER, Plaintiff's counsel notified the Court that the required notice was published on January 18, 2023. See ECF No. 6. Members of the purported class therefore have until March 20, 2023, to move the Court to serve as lead plaintiffs. It is further ORDERED that opposition to any motion for appointment of lead plaintiff shall be served and filed by April 3, 2023. No replies may be filed absent prior leave of Court. Finally, it is hereby ORDERED that a conference shall be held on April 18, at 3:00 p.m. to consider any motions for appointment of lead plaintiff and lead counsel and for consolidation. The conference will be held remotely by telephone in accordance with Rule 3(B) of the Court's Individual Rules and Practices in Civil Cases, available at https://nysd.uscourts.gov/hon-jesse-m-furman. All others counsel who will not have speaking roles and members of the public may listen to the conference by calling the Court's dedicated conference call line at (888) 363-4749 and using access code 542-1540 followed by the pound (#) key. It is further ORDERED that the named plaintiffs shall promptly serve a copy of this Order on each of the Defendants. SO ORDERED. ( Motions due by 3/20/2023., Responses due by 4/3/2023, Telephone Conference set for 4/18/2023 at 03:00 PM before Judge Jesse M. Furman.) (Signed by Judge Jesse M. Furman on 1/23/23) (yv) (Entered: 01/23/2023)

    [+] Read More [-] Read Less
  • 01/20/2023
  • View Court Documents
  • Docket(#6) LETTER addressed to Judge Jesse M. Furman from Joshua W. Ruthizer dated January 20, 2023 re: Response to Order Dated January 19, 2023 (ECF No. 5). Document filed by Robert Corwin..(Ruthizer, Joshua) (Entered: 01/20/2023)

    [+] Read More [-] Read Less
  • 01/19/2023
  • View Court Documents
  • Docket(#5) ORDER REGARDING NOTICE TO PURPORTED PLAINTIFF CLASS MEMBERS: On January 18, 2023, Plaintiff filed a putative class action on behalf of "all persons or entities who purchased shares of Y-mAbs common stock on the open market, or pursuant to Registration Statements filed with the SEC, during the Class Period October 6, 2020 through October 28, 2022, inclusive, and suffered damages caused by Defendants' violations of the federal securities laws," but excluding the Defendants herein, officers and directors of Y-mAbs ('Excluded D&Os'), members of the Defendants' and the Excluded D&A's immediate families, affiliates of Y-mAbs, and any entity in which a Defendant or an Excluded D&O has a controlling interest. Docket No. 1. ("Compl."), Paragraph 15. The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Section 78u-4(a)(3)(A) of the Private Securities Litigation Reform Act ("PSLRA"), 15 U.S.C. 78u-4(a)(3)(A), requires that "[n]ot later than 20 days after the date on which the complaint is filed, the plaintiff or plaintiffs shall cause to be published, in a widely circulated national business-oriented publication or wire service, a notice advising members of the purported plaintiff class... of the pendency of the action, the claims asserted therein, and the purported class period." 15 U.S.C. 78u-4(a)(3)(A)(i) (emphasis added). It is hereby ORDERED that no later than February 9, 2023, Plaintiff shall advise the Court in writing of the date and manner in which it published this notice. SO ORDERED. (Signed by Judge Jesse M. Furman on 1/19/2023) (vfr) Modified on 1/19/2023 (vfr). (Entered: 01/19/2023)

    [+] Read More [-] Read Less
  • 01/19/2023
  • View Court Documents
  • Docket(#4) ELECTRONIC SUMMONS ISSUED as to Thomas Gad, Claus Juan Moller San Pedro, Vignesh Rajah, Y-mAbs Therapeutics, Inc...(pc) (Entered: 01/19/2023)

    [+] Read More [-] Read Less
  • 01/19/2023
  • Docket***NOTICE TO ATTORNEY REGARDING PARTY MODIFICATION. Notice to attorney Robert Craig Finkel. The party information for the following party/parties has been modified: Robert Corwin. The information for the party/parties has been modified for the following reason/reasons: party text was omitted;. (pc) (Entered: 01/19/2023)

    [+] Read More [-] Read Less
  • 01/19/2023
  • DocketCase Designated ECF. (pc) (Entered: 01/19/2023)

    [+] Read More [-] Read Less
  • 01/19/2023
  • DocketMagistrate Judge Jennifer Willis is so designated. Pursuant to 28 U.S.C. Section 636(c) and Fed. R. Civ. P. 73(b)(1) parties are notified that they may consent to proceed before a United States Magistrate Judge. Parties who wish to consent may access the necessary form at the following link: #https://nysd.uscourts.gov/sites/default/files/2018-06/AO-3.pdf. (pc) (Entered: 01/19/2023)

    [+] Read More [-] Read Less
  • 01/19/2023
  • DocketCASE OPENING INITIAL ASSIGNMENT NOTICE: The above-entitled action is assigned to Judge Jesse M. Furman. Please download and review the Individual Practices of the assigned District Judge, located at #https://nysd.uscourts.gov/judges/district-judges. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. Please download and review the ECF Rules and Instructions, located at #https://nysd.uscourts.gov/rules/ecf-related-instructions..(pc) (Entered: 01/19/2023)

    [+] Read More [-] Read Less
  • 01/18/2023
  • View Court Documents
  • Docket(#3) CIVIL COVER SHEET filed..(Finkel, Robert) (Entered: 01/18/2023)

    [+] Read More [-] Read Less
  • 01/18/2023
  • View Court Documents
  • Docket(#2) REQUEST FOR ISSUANCE OF SUMMONS as to Y-mAbs Therepeutics, Inc., Thomas Gad, Claus Juan Moller San Pedro & Vignesh Rajah, re: #1 Complaint. Document filed by Robert Corwin..(Finkel, Robert) (Entered: 01/18/2023)

    [+] Read More [-] Read Less
  • 01/18/2023
  • View Court Documents
  • Docket(#1) COMPLAINT against Thomas Gad, Claus Juan Moller San Pedro, Vignesh Rajah, Y-mAbs Therapeutics, Inc.. (Filing Fee $ 402.00, Receipt Number ANYSDC-27217297)Document filed by Robert Corwin..(Finkel, Robert) (Entered: 01/18/2023)

    [+] Read More [-] Read Less
related-case-search

Dig Deeper

Get Deeper Insights on Court Cases


Latest cases represented by Lawyer Robert C. Finkel