A lawsuit was filed on behalf of investors in Caribou Biosciences, Inc. (NASDAQ: CRBU) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/28/2023 -- An investor, who purchased shares of Caribou Biosciences, Inc. (NASDAQ: CRBU), filed a lawsuit over alleged violations of Federal Securities Laws by Caribou Biosciences, Inc in connection with certain allegedly false and misleading statements made pursuant and/or traceable to the Offering Documents issued in connection with the Company's initial public offering conducted on or about July 23, 2021 (the "IPO" or "Offering") and/or Caribou Biosciences, Inc securities between July 23, 2021 and December 9, 2022.
Investors who purchased shares of Caribou Biosciences, Inc. (NASDAQ: CRBU) have certain options and for certain investors are short and strict deadlines running. Deadline: April 11, 2023. NASDAQ: CRBU investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Berkley, CA based Caribou Biosciences, Inc., a clinical-stage biopharmaceutical company, engages in the development of genome-edited allogeneic cell therapies for the treatment of hematologic malignancies and solid tumors in the United States and internationally. The Company is developing, among other product candidates, CB-010, an allogeneic anti-CD19 CAR-T cell therapy that is in a Phase 1 clinical trial, referred to as "ANTLER", to treat relapsed or refractory B cell non-Hodgkin lymphoma ("r/r B-NHL").
According to Caribou Biosciences, Inc. CB-010 is the first clinical-stage allogeneic anti-CD19 CAR-T cell therapy with programmed cell death protein 1 ("PD-1") removed from the CAR-T cell surface by a genome-edited knockout of the PDCD1 gene, which purportedly sets CB-010 apart from other allogeneic CAR-T cells by, inter alia, improving the "persistence" of antitumor activity.
On July 1, 2021, Caribou Biosciences, Inc. filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") in connection with the IPO, which, after several amendments, was declared effective by the SEC on July 22, 2021 (the "Registration Statement").
On July 23, 2021, pursuant to the Registration Statement, Caribou Biosciences' common stock began publicly trading on the Nasdaq Global Select Market ("NASDAQ") under the ticker symbol "CRBU".
That same day, Caribou Biosciences, Inc. filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the "Prospectus" and, collectively with the Registration Statement, the "Offering Documents").
Pursuant to the Offering Documents, Caribou Biosciences, Inc. issued 19 million shares of common stock to the public at the Offering price of $16.00 per share for proceeds of $282.72 million to the Company, before expenses, and after applicable underwriting discounts.
On June 10, 2022, Caribou Biosciences, Inc. reported "[p]ositive" data from the ANTLER Phase 1 clinical trial. Among other results, Caribou reported that "[a]t 6 months following the single dose of CB-010, [only] 40% of patients remained in CR [complete response] (2 of 5 patients) as of the May 13, 2022 data cutoff date", prompting investor concern over the durability of the CB-010 treatment.
Then on December 12, 2022, Caribou Biosciences, Inc. issued a press release "report[ing] new 12-month clinical data from cohort 1 in the ongoing ANTLER Phase 1 trial, which [purportedly] show[ed] long-term durability following a single infusion of CB-010 at the initial dose level 1 (40x106 CAR-T cells)." Among other results, Caribou reported that "3 of 6 patients maintained a durable CR at 6 months" and "2 of 6 patients maintain a long-term CR at the 12-month scan and remain on the trial", thereby confirming investor fears that the CB-010 treatment lacked significant durability.
Shares of Caribou Biosciences, Inc. (NASDAQ: CRBU) declined from $13.19 per share on September 15, 2022 to as low as $5.40 per share on December 28, 2022.
The plaintiff alleges on behalf of investors of Caribou Biosciences, Inc. (NASDAQ: CRBU) common shares who purchased NASDAQ: CRBU shares pursuant and/or traceable in connection with the Company's July 23, 2021 IPO and or between July 23, 2021 and December 9, 2022, that the defendants violated Federal Securities Laws.
The plaintiff claims that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, the plaintiff alleges that between July 23, 2021 and December 9, 2022, the Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects.
More specifically, the plaintiff claims that the Offering Documents and the Defendants made false and/or misleading statements and/or failed to disclose thatCB-010's treatment effect was not as durable as Defendants had led investors to believe, that accordingly, CB-010's clinical and commercial prospects were overstated, and that as a result, the Offering Documents and Defendants' public statements between July 23, 2021 and December 9, 2022 were materially false and/or misleading and failed to state information required to be stated therein.
Those who purchased shares of Caribou Biosciences, Inc. (NASDAQ: CRBU) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.