Thieler Law Corp advises investors with losses exceeding $100,000 of the March 13, 2017 lead plaintiff deadline in a class action lawsuit filed against Seattle Genetics Inc (NASDAQ: SGEN) (“Seattle Genetics” or “the Company”). The suit is pending in the U.S. District Court for the Western District of Washington and investors, who purchased Seattle Genetics Inc securities between October 27, 2016 and December 23, 2016, have until March 13, 2017 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Seattle Genetics Inc securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that vadastuximab talirine, one of Seattle Genetics’ products in development, presents a significant risk of fatal hepatotoxicity; as such, Seattle Genetics had overstated the viability of vadastuximab talirine as a treatment for acute myeloid leukemia; and as a result, defendants’ public statements about Seattle Genetics’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. 

On December 27, 2016, Seattle Genetics revealed that the U.S. Food and Drug Administration had placed a clinical hold or partial clinical hold on several early stage trials of vadastuximab talirine, to evaluate the potential risk of hepatotoxicity.  The Company stated that “six patients have been identified with hepatotoxicity, including several cases of veno-occlusive disease, with four fatal events.”

Following this news, NASDAQ: SGEN dropped $9.50 per share, or 15.36%, to close at $52.36 on December 27, 2016.

If you were negatively impacted by your investment in Seattle Genetics Inc securities between October 27, 2016 and December 23, 2016 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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