NEW YORK, Aug. 26, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Rain Oncology Inc. (“Rain” or the “Company”) (NASDAQ: RAIN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Rain and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around April 22, 2021, Rain conducted its initial public offering (“IPO”), selling more than 7.35 million shares priced at $17.00. Then, on May 22, 2023, Rain issued a press release announcing topline results from its Phase 3 MANTRA trial of milademetan for the treatment of dedifferentiated liposarcoma (“DD LPS”). In the press release, Rain reported that “[t]he trial, evaluating the efficacy, safety, and tolerability of milademetan in patients with dedifferentiated (DD) liposarcoma (LPS), did not meet its primary endpoint of progression free survival (PFS) by blinded independent central review compared to the standard of care, trabectedin” and stated that “[b]ased upon these topline data, Rain does not expect to pursue further development of milademetan in DD LPS.”
On this news, Rain’s stock price fell $8.71 per share, or 87.71%, to close at $1.22 per share on May 22, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980