Wolf Popper LLP Reminds Y-mAbs Therapeutics, Inc. Investors of Upcoming March 20, 2023 Lead Plaintiff Application Deadline

New York, New York--(Newsfile Corp. - January 26, 2023) - Wolf Popper LLP reminds investors in Y-mAbs Therapeutics, Inc. (NASDAQ: YMAB) common stock during the Class Period October 6, 2020 through October 28, 2022 that they have until Monday, March 20, 2023, to seek appointment as lead plaintiff in the class action.

Wolf Popper researched, drafted and filed the class action lawsuit on behalf of the plaintiff and other persons or entities who purchased shares of Y-mAbs common stock (NASDAQ: YMAB) during the Class Period. Corwin v. Y-mAbs Therapeutics, Inc., No. 1:23-cv-431 (S.D.N.Y.). Other law firms have issued press releases stating that a lawsuit "has been filed" but did not put in the work necessary to initiate or prosecute the litigation.

Y-mAbs is a commercial-stage biopharmaceutical company focused on developing and commercializing antibody-based therapeutic cancer products. Y-mAbs' (former) lead drug candidate ¹³¹I-omburtamab (omburtabab) is used to treat children with central nervous system/leptomeningeal (CNS/LM) metastases in patients with neuroblastoma following standard multimodality treatment for CNS disease. On March 31, 2022, Y-mAbs announced it completed the resubmission of its Biologics License Application (BLA) for omburtamab to the FDA.

The class action alleges that throughout the Class Period, Y-mAbs misrepresented to investors that, pursuant to a series of meetings and other communications between Y-mAbs and the FDA, that progress was being made that would align with the FDA's requirement to demonstrate substantial evidence of effectiveness, sufficient for approval of omburtamab. What was unknown to investors was that the FDA had repeatedly advised Y-mAbs that the effect of omburtamab cannot be objectively established or quantified based on a comparison between Study 03-133 and an external cohort comprised of data from the Central German Childhood Cancer Registry (CGCCR) database because of substantial differences in the patient populations, and the absence of tumor response data, and that Study 101 was neither sufficiently advanced nor indicative of efficacy to justify approval. Further, Y-mAbs failed to advise investors that it had elected to submit the March 31, 2022 BLA prior to reaching agreement with the FDA on the content of the application.

The truth was revealed early in the trading day on October 26, 2022 when the FDA publicly released its Briefing Document for the Oncologic Drugs Advisory Committee (ODAC). The Briefing Document highlighted multiple instances in which the FDA expressed to Y-mAbs that the CGCCR data external control data may not be fit-for-purpose as a direct comparator for the overall survival data. As a result of the very negative view presented in the Briefing Document, Y-mAbs' stock price fell $4.16 per share on October 26, 2022 and $2.16 per share on October 27, 2022. Finally, after the market closed on Friday, October 28, 2022, it was disclosed that the ODAC voted 16-0 that Y-mAbs had not provided sufficient evidence to conclude that omburtamab improves overall survival. That news caused Y-mAbs' stock price to drop $5.32 per share on Monday, October 31, 2022.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Y-mAbs common stock during the Class Period to ask the court to be appointed as lead plaintiff in the Y-mAbs class action litigation. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit, and can select a law firm of its choice to litigate the class action lawsuit. A court will generally appoint as lead plaintiff the movant with the greatest financial interest in the relief sought by the proposed class of investors and that is also typical and adequate of the proposed class. An investor's ability to share in any potential future recovery obtained in the litigation is not dependent upon serving as lead plaintiff. Class members have until Monday, March 20, 2023, to seek appointment as lead plaintiff in the class action.

Investors who suffered losses trading in Y-mAbs securities and would like to discuss the lawsuit are encouraged to contact Adam Savett by calling (610) 621-4550 or via e-mail at asavett@wolfpopper.com.

Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm's website at www.wolfpopper.com.

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Wolf Popper LLP
Adam Savett
845 Third Avenue
New York, NY 10022
Tel.: (610) 621-4550
Email: asavett@wolfpopper.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152535