The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Checkpoint Therapeutics, Inc. (CKPT) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Checkpoint Therapeutics, Inc. (“Checkpoint” or the “Company”) (NASDAQ: CKPT) securities between March 10, 2021 and December 15, 2023, inclusive (the “Class Period”). Checkpoint investors have until June 4, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On December 18, 2023, Checkpoint disclosed that the U.S. Food and Drug Administration (“FDA”) had not approved the Biologics License Application (“BLA”) that the Company had submitted for its metastatic cutaneous squamous cell carcinoma (“cSCC”) treatment, cosibelimab. Specifically, the Company stated that the FDA had issued a complete response letter which “cites findings that arose during a multi-sponsor inspection of Checkpoint’s third-party [CMO] as approvability issues to address in a resubmission.”

On this news, Checkpoint’s stock price fell $1.49, or 44.9%, to close at $1.83 per share on December 18, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Checkpoint had overstated its oversight of, and/or its establishment of adequate manufacturing standards and controls over, its third-party contract manufacturers; (2) accordingly, there were one or more issues with the Company’s third-party contract manufacturing organization (“CMO”) for cosibelimab; (3) all the foregoing reduced the likelihood that the FDA would approve the cosibelimab BLA in its present form; (4) as a result, the manufacturing, regulatory, and commercial prospects of cosibelimab were overstated; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Checkpoint securities during the Class Period, you may move the Court no later than June 4, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Checkpoint securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240417132716/en/

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com