Infinity Pharmaceuticals, Inc. Class Action Lawsuit - INFI
Case Summary
Investors who suffered a loss and would like to learn more, click here to contact us.
The Infinity Pharmaceuticals class action lawsuit seeks to represent purchasers or acquirers of Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) securities between January 5, 2022 and July 24, 2023, inclusive (the “Class Period”). Captioned Dilbarian v. Infinity Pharmaceuticals, Inc., No. 23-cv-11865 (D. Mass.), the Infinity Pharmaceuticals class action lawsuit charges Infinity Pharmaceuticals and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Infinity Pharmaceuticals class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Infinity Pharmaceuticals class action lawsuit must be filed with the court no later than October 16, 2023.
CASE ALLEGATIONS: Infinity Pharmaceuticals is a clinical-stage biopharmaceutical company focusing on the development of novel medicines for cancer patients. During the Class Period, Infinity Pharmaceuticals purported to be developing eganelisib, a treatment for breast cancer, including through two clinical studies evaluating the safety and efficacy of the drug – MARIO-4 and MARIO-P.
The Infinity Pharmaceuticals class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that Infinity Pharmaceuticals falsely claimed that there were viable partnership opportunities for eganelisib’s development, but the MARIO-4 and MARIO-P studies would be initiated after the establishment of these partnerships.
On February 23, 2023, Infinity Pharmaceuticals announced that it had entered into a merger agreement with MEI Pharma, Inc (“MEI”). The proposed transaction was all stock, pursuant to which Infinity Pharmaceuticals shareholders would receive shares of MEI common stock and Infinity Pharmaceuticals would become a wholly-owned subsidiary of MEI, with outstanding equity post-closing being held 58% by MEI shareholders and 42% by Infinity Pharmaceuticals shareholders. Defendant Adeline Perkins, Chief Executive Officer of Infinity Pharmaceutics, stated Infinity Pharmaceuticals would “prioritize head and neck cancer.” On this news, the price of Infinity Pharmaceuticals stock declined nearly 49%.
Then, on July 24, 2023, Infinity Pharmaceuticals announced it was terminating the merger because MEI did not obtain stockholder approval for the merger. On this news, the price of Infinity Pharmaceuticals stock declined more than 40%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Infinity Pharmaceuticals securities during the Class Period to seek appointment as lead plaintiff of the Infinity Pharmaceuticals class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Infinity Pharmaceuticals class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Infinity Pharmaceuticals class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Infinity Pharmaceuticals class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.