NEW YORK, June 17, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Gritstone bio, Inc. (NASDAQ: GRTS)?
- Did you purchase your shares between March 9, 2023 and February 29, 2024, inclusive?
- Did you lose money in your investment in Gritstone bio, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Gritstone bio, Inc. (“Gritstone” or the “Company”) (NASDAQ: GRTS) between March 9, 2023 and February 29, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Gritstone securities, and/or would like to discuss your legal rights and options please visit Gritstone bio, Inc. Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
Gritstone is a clinical-stage biotechnology company that engages in developing vaccine-based immunotherapy candidates against cancer and infectious diseases. In September 2023, Gritstone entered into a contract with the Biomedical Advanced Research and Development Authority (“BARDA”) to run a 10,000 participant, randomized Phase 2b double-blinded study to compare the efficacy, safety, and immunogenicity of its COVID-19 vaccine candidate (a samRNA vaccine candidate) with an approved COVID-19 vaccine (the “Study”). In a press release announcing the Study, the Company stated that the contract “provides strong validation of [its] innovative vaccine platform in infectious diseases,” that execution of the study would be fully funded by BARDA, and that the Study would be expected to launch in the first quarter of 2024.
According to the Complaint, Defendants failed to disclose to investors that: (i) the Company would be unable to launch the Study in the timeframe it had represented to investors; (ii) the foregoing would impair Gritstone’s ability to obtain external funding in connection with the Study, thereby negatively affecting Gritstone’s ability to maintain its balance sheet and cash position; and (iii) accordingly, Gritstone overstated its ability to successfully develop and commercialize its products.
On February 12, 2024, Gritstone issued a press release announcing that the Company was delaying the launch of the Study until Fall 2024 to purportedly “allow use of fully GMP-grade raw materials in the vaccine, which is expected to increase the regulatory utility of the trial.”
Then, on February 29, 2024, Gritstone issued a press release “announc[ing] an approximately 40% reduction of its workforce”, stating that “[t]he move comes following the recently announced delay of the proposed CORAL Phase 2b study, which resulted in Gritstone not receiving external funding it previously anticipated beginning in 1Q 2024, associated with the initiation of the study.”
On this news, Gritstone’s stock price fell $0.78 per share, or 27.86%, to close at $2.02 per share on March 1, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than August 6, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Gritstone securities, and/or would like to discuss your legal rights and options please visit Gritstone bio, Inc. Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
seidman@bernlieb.com
