THE LAWSUIT: A class action securities lawsuit was filed against Summit Therapeutics Inc. (SMMT) that seeks to recover losses of Summit Therapeutics shareholders who were adversely affected by alleged securities fraud between February 23, 2019 and February 23, 2024
CASE DETAILS: On February 20, 2024, Summit Therapeutics reported its financial results for the fourth quarter and full year 2023 and “provide[d] an update on its operational progress”. Among other items, Summit reported non-GAAP earnings per share of -$0.04 and no revenue. Summit also disclosed that the maturity date for a $100 million note from its chairman and Chief Executive Officer had been extended from September 6, 2024 to April 1, 2025 and filed a mixed shelf registration statement for the potential sale of up to $450 million of its securities.
Following this news, Summit’s stock price fell over 23%.
WHAT’S NEXT? If you suffered a loss in Summit Therapeutics stock during the relevant time frame – even if you still hold your shares – go to https://zlk.com/pslra-1/summit-therapeutics-inc-lawsuit-submission-form?wire=18 to learn about your rights to seek a recovery. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
https://zlk.com/
