Scott + Scott, LLP Reminds Investors of September 30, 2016 Deadline in Tokai Pharmaceuticals, Inc. (TKAI) Securities Case, Encourages Investors to Contact Firm

NEW YORK, Sept. 15, 2016 (GLOBE NEWSWIRE) -- Scott + Scott, Attorneys at Law, LLP, a global investor rights law firm, reminds investors that September 30, 2016 is the last day to file lead plaintiff papers in the securities lawsuit against Tokai Pharmaceuticals, Inc. ("Tokai" or the "Company") TKAI. Tokai investors are encouraged to contact Scott + Scott at (646) 582-0121 or email jhalloran@scott-scott.com to discuss their legal rights. 

Tokai is a company focused on developing and commercializing therapies for prostate cancer and other hormonally-driven diseases. Galeterone, Tokai's lead drug candidate, is an oral small molecule that was used in various clinical trials for the treatment of patients with metastatic castration-resistant prostate cancer.

About the Lawsuit

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding Tokai's business, operational and compliance policies. Particularly, Defendants made false and/or misleading statements and/or failed to disclose that: (1) there were noteworthy structural problems with ARMOR3-SV, the trial design for Tokai's pivotal Phase 3 Galeterone study, (2) accordingly, ARMOR3-SV would probably not meet its primary endpoint; (3) therefore, the likelihood of Galeterone's commercialization was not as probable as Tokai had told investors; and (4) consequently, Tokai's financial statements, and Defendants' statements regarding Tokai's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On November 2, 2015, Seeking Alpha published a report by Richard Pearson, "What's Wrong With Tokai Pharmaceuticals?" that described structural problems with the design of the Company's ARMOR3-SV trial. Following this news, Tokai stock dropped $0.07 per share, or 0.63%, to close at $10.98 on November 2, 2015.

Then, on July 26, 2016, Tokai said it would "discontinue the ARMOR3-SV clinical trial, our pivotal Phase 3 study" of Galeterone. Following this news, Tokai stock dropped $4.10 per share, or roughly 79%, to close at $1.10 on July 26, 2016.

What you can do

If you suffered a loss in Tokai you have until September 30, 2016 to request that the Court appoint you as lead plaintiff.  Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. If you want to discuss filing lead plaintiff papers, or have questions about your legal rights, please contact Joseph Halloran, Esq. by telephone at (646) 582-0121 or by email at jhalloran@scott-scott.com.   

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About Scott + Scott, Attorneys at Law, LLP

Scott + Scott has significant experience prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States.  The firm has offices in New York, London, Connecticut, California and Ohio. Please visit www.scott-scott.com for more information about the firm.