Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, has filed a securities class action lawsuit in the United States District Court for the Southern District of New York against Actinium Pharmaceuticals, Inc. (“Actinium” or the “Company”) (NYSE American: ATNM), and certain of its former and current officers and/or directors (collectively, “Defendants”), on behalf of all persons other than Defendants who purchased or otherwise acquired Actinium securities between October 31, 2022, and August 2, 2024, inclusive (the “Class Period”), and were damaged thereby (the “Class”). The Class Action filed by Scott+Scott is captioned: Kohil v. Actinium Pharmaceuticals, Inc., et al., Case No. 1:25-cv-02553.
Actinium is a late-stage biopharmaceutical company that develops targeted radiotherapies, such as Iomab-B, to treat people who have failed existing oncology therapies. Iomab-B is an induction-and-conditioning agent used before bone marrow transplants and has the potential to treat elderly relapsed or refractory acute myeloid leukemia. Actinium evaluated Iomab-B in the pivotal Phase 3 Sierra trial (the “Sierra Trial”), where the drug met the primary endpoint of durable Complete Remission with statistical significance (p<0.0001).
The Class Action alleges that, during the Class Period, Defendants made misleading statements and omissions regarding the Company’s business, financial condition, and prospects. Specifically, Defendants misled the market to believe the data submitted in support of its Biologics License Application (“BLA”) was likely to satisfy the U.S. Food and Drug Administration’s guidelines for acceptance and approval of Actinium’s BLA.
As the truth about Actinium’s business reached the market, the price of Actinium’s stock suffered significant declines, harming investors. For example, on the morning of August 5, 2024, before the market opened, when Actinium issued a press release providing, among other things, a regulatory update on the planned BLA filing and the future plans for Iomab-B in the U.S. Specifically, the press release revealed the Company would need to conduct an additional clinical trial to further support the Company’s BLA filing. On this news, the price of Actinium’s common stock plummeted $3.69, or nearly 60%, to close at $2.48, on unusually high trading volume