Tokai Investor Marks Underwriters Liable In $10.8M Suit

By Lauren Berg (November 20, 2018, 6:47 PM EST) -- A Tokai Pharmaceuticals Inc. investor is fighting to keep alive a $10.8 million suit alleging that the company failed to disclose that too few research subjects were left to yield meaningful results in testing of a prostate cancer drug, arguing that the underwriters are liable for misstatements in Tokai investment documents.

Peter Angelos said in an opposition to a motion to dismiss his amended complaint that the underwriters — BMO Capital Markets Corp., Stifel Nicolaus & Company Inc., William Blair & Company LLC and Janney Montgomery Scott LLC — are responsible for failing to disclose to investors that a stage-three test...

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