{"id":770422,"date":"2023-07-17T19:40:27","date_gmt":"2023-07-17T23:40:27","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-rain-oncology-inc-rain\/"},"modified":"2023-07-17T19:40:27","modified_gmt":"2023-07-17T23:40:27","slug":"gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-rain-oncology-inc-rain","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-rain-oncology-inc-rain\/","title":{"rendered":"Gainey McKenna & Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Rain Oncology Inc. (RAIN)"},"content":{"rendered":"
\n

NEW YORK, July 17, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased the securities of Rain Oncology Inc. (\u201cRain\u201d or the \u201cCompany\u201d) (NASDAQ: RAIN) between July 20, 2021 and May 19, 2023, both dates inclusive (the \u201cClass Period\u201d).<\/p>\n

The Complaint alleges that Rain\u2019s lead drug candidate was milademetan, a drug designed to treat dedifferentiated liposarcoma (\u201cDD LPS\u201d). Rain first licensed milademetan from Daiichi Sankyo Company, Limited, in September 2020 based on positive results from a Phase 1 clinical trial. Instead of conducting additional trials to test the safety and dosing of milademetan, Rain proceeded straight to a Phase 3 clinical trial. Rain referred to the Phase 3 trial as the \u201cMANTRA\u201d trial.<\/p>\n

Rain commenced the MANTRA trial in July 2021. For nearly two years, Rain provided the market with false and misleading information about the trial\u2019s design quality and approval risks for milademetan related to its clinical development strategy. Then, on Monday, May 22, 2023, Defendants announced topline data from the MANTRA trial, revealing that milademetan had failed to show statistical significance on the trial\u2019s primary endpoint and that the Company was abandoning further pursuit of milademetan for treating DD LPS. On this news, the price of Rain stock fell $8.71 per share to close at $1.22 on May 22, 2023, a nearly 88% loss in value.<\/p>\n

Investors who purchased or otherwise acquired shares of Rain should contact the Firm prior to the September 12, 2023 <\/em><\/strong>lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.\u00a0 If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com<\/u><\/a> or gegleston@gme-law.com<\/u><\/a>.<\/p>\n

Please visit our website at http:\/\/www.gme-law.com<\/u><\/a> for more information about the firm.<\/p>\n

\n
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\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, July 17, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased the securities of Rain Oncology Inc. (\u201cRain\u201d or the \u201cCompany\u201d) (NASDAQ: RAIN) between July 20, 2021 and May 19, 2023, both dates inclusive (the \u201cClass Period\u201d). The Complaint alleges that Rain\u2019s lead drug candidate was milademetan, a drug designed to treat dedifferentiated liposarcoma (\u201cDD LPS\u201d). Rain first licensed milademetan from Daiichi Sankyo Company, Limited, in September 2020 based on positive results from a Phase 1 clinical trial. Instead of conducting additional trials to test the safety and … <\/p>\n

Continue reading “Gainey McKenna & Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Rain Oncology Inc. (RAIN)”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-770422","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGainey McKenna & Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Rain Oncology Inc. 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(\u201cRain\u201d or the \u201cCompany\u201d) (NASDAQ: RAIN) between July 20, 2021 and May 19, 2023, both dates inclusive (the \u201cClass Period\u201d). The Complaint alleges that Rain\u2019s lead drug candidate was milademetan, a drug designed to treat dedifferentiated liposarcoma (\u201cDD LPS\u201d). Rain first licensed milademetan from Daiichi Sankyo Company, Limited, in September 2020 based on positive results from a Phase 1 clinical trial. Instead of conducting additional trials to test the safety and … Continue reading "Gainey McKenna & Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Rain Oncology Inc. 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