Tokai Hopes To Move $97M Suit Over IPO To Mass. Fed. Court

Law360, New York (December 20, 2016, 6:30 PM EST) -- Tokai Pharmaceuticals Inc. Monday sought to move a putative class action by investors claiming it withheld important drug testing information prior to its $97 million initial public offering to a Massachusetts federal court Monday.

The suit, filed by investor Hao Wu in Massachusetts state court two weeks ago, claims the company failed to properly test the prostate cancer drug it was developing and its IPO underwriters did not warn investors of this, causing them to be blindsided when the drug failed and the stock plunged.

“As a result of these disclosures, at the time of the filing of this action, Tokai...

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