Infinity Pharmaceuticals, Inc.
A securities class action has been filed in the USDC – MA. against Infinity Pharmaceuticals, Inc. (INFI) (“Infinity” or the “Company”) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Infinity securities between January 5, 2022 through July 24, 2023, both dates inclusive (the “Class Period”).
This Action materialized after Defendants pushed the false narrative that Infinity’s flagship product, eganelisib, was proceeding apace in its clinical studies as a treatment for breast cancer. Specifically, Infinity touted two clinical studies: (1) MARIO-4, randomized, double-blind Phase 3 study; and (2) MARIO-P, a platform study to evaluate additional combinations and indications where eganelisib might increase the effectiveness of available therapies.
The Complaint alleges that Defendants made materially false and misleading statements. On February 23, 2023, before the stock market opened, Infinity announced via a webcast (the “Webcast”) that it had entered into a merger agreement with MEI Pharma, Inc. (“MEI”) The proposed transaction was all stock, pursuant to which Infinity shareholders will receive shares of MEI common stock. During the Webcast, Defendant Perkins stated Infinity would “prioritize head and neck cancer.” No mention at all was made of breast cancer treatments. It was as if MARIO-4 and MARIO-P never existed, and TNBC was never a priority for eganelisib treatment. This pivot did not go unnoticed by the stock market, and the value of Infinity stock plummeted. Infinity stock had closed at $0.55 on February 22, 2023.
On July 24, 2023, Infinity announced that it was terminating the merger, because MEI did not obtain stockholder approval for the merger. On July 24, 2023, Infinity announced that it was terminating the merger, because MEI did not obtain stockholder approval for the merger.
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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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