Thant

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN JOSE DIVISION 7 MYO THANT, et al., Case No. 5:23-cv-03518-EJD

Plaintiffs, ORDER GRANTING IN PART AND

DENYING IN PART MOTION TO

v. DISMISS

RAIN ONCOLOGY INC., et al., Re: ECF No. 53 Defendants.

When biopharmaceutical company Rain Oncology, Inc. announced negative clinical trial results for its lead drug candidate, milademetan, its stock price sank. In response, investors sued Rain and several of its officers and directors, alleging violations of federal securities law. Rain and its fellow Defendants now move to dismiss for failure to state a claim. Because Plaintiffs have sufficiently pled some, but not all, of their securities claims, the Court GRANTS IN PART and DENIES IN PART the motion to dismiss. I. BACKGROUND1 Defendant Rain Oncology, Inc. is a “precision oncology company” founded in 2017. Valenzuela Decl., Ex. 1 at 11, ECF No. 53-1. According to Rain, its business is to…