Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Rain Oncology Inc. (“Rain” or “the Company) (NASDAQ: RAIN) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that held, purchased, or otherwise acquired Rain securities from July 20, 2021 through May 19, 2023 (the “Class Period”). Investors who acquired Rain securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is September 12, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Rain securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST RAIN ONCOLOGY INC.
On May 22, 2023, the Company announced that milademetan failed to meet its primary endpoint of progression free survival in the MANTRA study. Moreover, the Company announced adverse event findings that, according to analysts, indicated that the dosing schedule had not been optimized prior to commencing the study. In response to the announcement, Rain’s stock price substantially dropped from $9.93 per share to $1.22 per share, eliminating approximately $316 million in market capitalization in one day. The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company concealed risks inherent in the design of its Phase 3 MANTRA study particularly with regard to proceeding directly to Phase 3 from Phase 1; and, (ii) as a result, the Companys statements about the trial and the likelihood of FDA approval were materially misleading during the Class Period.
ABOUT RAIN ONCOLOGY INC.
What does Rain Oncology Inc. do?
- Rain Oncology is a clinical-stage biopharmaceutical company that is dedicated to advancing the field of oncology through innovative research, development, and translation of targeted therapies. The focus lies in identifying and targeting oncogenic drivers, which are specific genetic alterations or abnormalities that play a significant role in the development and progression of cancer. By honing in on these drivers, the company aims to develop therapies that selectively target and inhibit the mechanisms fueling the growth and survival of cancer cells.
- One of the key aspects of Rain Oncology’s approach is the careful genetic selection of patients who are most likely to benefit from their therapies. By utilizing advanced genetic profiling and molecular diagnostic techniques, the company aims to identify individuals whose tumors possess the specific oncogenic drivers that their therapies target.
Who is the CEO of Rain Oncology Inc.?
- The CEO of the company is Avanish Vellanki, who was appointed in April of the year 2017. As of current, he has a tenure of 6.25 years. He directly owns 7.02% of the company’s shares, which in whole is worth nearly 2.73 million dollars.
Did Rain Therapeutics change its name?
- Yes. Rain Therapeutics changed its name to the current name, Rain Oncology Inc., effective December 30, 2022. The company has since been known as Rain Oncology Inc. and operates under NASDAQ ticker “RAIN.”
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those who suffered financial losses in their investments in Rain during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire Class. The deadline for submitting such a request is September 12, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential Class members in the class action lawsuit against Rain are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
ABOUT US
For more information as well as to join this case please contact Atara Twersky, Esq. at atara@twerskylawgroup.com. Atara is Principal at Twersky Law Group and of counsel at AF&T Law Firm where she is director of Investor Services. Atara focuses her practice on assisting her clients with increasing their investment portfolio recoveries and ensuring that their portfolios remain healthy and robust. For more information on shareholder recoveries, listen to Atara ’s Pension and Investments Podcast with notable guests in the pension fund Industry that discusses various matters relating to investment portfolios. For more information on Atara and her legal work pertaining to shareholder protection click here.
