Robbins Geller Rudman & Dowd LLP Announces Claims Process Now Open for Class Members to Claim Full Monetary Damages Against Puma Biotechnology, Inc. and Alan H. Auerbach for Federal Securities Fraud Violations
Court Has Awarded Prejudgment Interest to Victims of Defendants’ Fraud
San Diego – Robbins Geller Rudman & Dowd LLP announces that class members in the case Hsu v. Puma Biotechnology, Inc., No. 15-cv-00865-AG (C.D. Cal.), must act soon to file claims for damages against Puma Biotechnology, Inc. and its CEO Alan H. Auerbach. Class members must submit a Proof of Claim form no later than January 28, 2020 to be eligible to recover money. An online claims form, notice of verdict, and additional information are available at the case website: www.pumabiosecuritieslitigation.com. Class members are persons who purchased or acquired Puma Biotechnology, Inc. common stock during the period from July 22, 2014 through May 29, 2015.
On February 4, 2019, a two-week jury trial for federal securities fraud concluded in the United States District Court for the Central District of California, Southern Division, before the Honorable Andrew J. Guilford. The jury reached a verdict finding that defendants Puma and Auerbach made false and misleading statements about the effectiveness of Puma’s lone product, neratinib, in a clinical trial. Defendants knowingly misled investors and violated §§10(b) and 20(a) of the Securities Exchange Act of 1934.
At trial, Robbins Geller represented a class of investors, including lead plaintiff and class representative Norfolk Pension Fund. During the trial, Robbins Geller confronted Auerbach with false statements he made to investors and digital forensic evidence showing that he had altered an official record of the U.S. Food and Drug Administration to remove data about neratinib. The forgery and false statements were used to raise hundreds of millions of dollars in a stock offering. As a result of defendants’ fraudulent conduct, the jury found that Puma’s stock price was artificially inflated.
Robbins Geller has also successfully fought to increase class members’ recovery by securing a court order for prejudgment interest in addition to damages. On September 9, 2019, Judge Guilford found that “prejudgment interest is needed to fully compensate class members for the injury they suffered because of Defendants’ fraud” and that “Class members were deprived of the use and value of their money in the nearly four years since they were damaged by the fraud, and the award of prejudgment interest will right that wrong.”
Commenting on the degree of personal wrongdoing by defendants, Judge Guilford noted that “Defendants made false statements about neratinib’s efficacy results that artificially inflated Puma’s stock price and the damages it caused to class members resulted from Defendants’ personal action.” Judge Guilford also wrote that “the fair result is to make the victims of Defendants’ fraud whole.”
Class members must submit Proof of Claim by January 28, 2020.
Visit the case website at www.pumabiosecuritieslitigation.com.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For six consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.
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