NEW YORK, NY / ACCESSWIRE / September 19, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Infinity Pharmaceuticals, Inc. ("Infinity" or the "Company") (NASDAQ:INFI). Such investors are advised to contact Robert S. Willoughby at [email protected]or 888-476-6529, ext. 7980.
The investigation concerns whether Infinity and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 23, 2023, Infinity announced via a webcast (the "Webcast") that it had entered into a merger agreement (the "Merger") with MEI Pharma, Inc. ("MEI"), pursuant to which Infinity would become a wholly-owned subsidiary of MEI. During the Webcast, Infinity's Chief Executive Officer Adeline Perkins stated that post-Merger, Infinity would "prioritize head and neck cancer" but conspicuously failed to mention Infinity's MARIO-4 and MARIO-P clinical studies for its flagship product eganelisib as a treatment for breast cancer.
Following these announcements, Infinity's stock price fell $0.27 per share, or 48.96%, to close at $0.28 per share on February 23, 2023.
Then, on July 24, 2023, Infinity announced that it was terminating the Merger after failing to obtain stockholder approval.
On this news, Infinity's stock price fell $0.09 per share, or 40.54%, to close at $0.13 per share on July 24, 2023.
On July 25, 2023, Infinity issued a press release "announc[ing] a series of actions designed to reduce the Company's burn rate and enhance our ability to maximize value of eganelisib, following the termination of its previously announced merger agreement with MEI Pharma, Inc."
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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP