An investigation on behalf of investors in Atara Biotherapeutics, Inc. (NASDAQ:ATRA) shares over potential wrongdoing at Atara Biotherapeutics, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 09/27/2022 -- An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Atara Biotherapeutics, Inc.
Investors who purchased shares of Atara Biotherapeutics, Inc. (NASDAQ: ATRA) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Atara Biotherapeutics directors breached their fiduciary duties and caused damage to the company and its shareholders.
San Francisco, CA based Atara Biotherapeutics, Inc., an off-the-shelf T-cell immunotherapy company, develops treatments for patients with cancer, autoimmune, and viral diseases in the United States.
On November 4, 2021, Atara Biotherapeutics, Inc issued a press release touting its T cell immunotherapy product candidate, ATA188. In this release, the Company claimed that there was "positive momentum around the ATA188 program" and "increasing awareness of and excitement . . . among the medical community and industry." Atara also made positive statements about ATA188 with regard to patients' sustained disability improvement and about Atara's progress with enrollment in Phase 2 efficacy and safety studies.
Then, on February 28, 2022, Atara Biotherapeutics, Inc issued a press release attached to their Form 8-K, providing an update on ATA188. Atara Biotherapeutics, Inc claimed that "a key data point at the time of the interim analysis will be EDSS [expanded disability status scale] improvement at six months for applicable patients. In the Phase 1 study, EDSS improvement at six months was >85 percent predictive of achieving sustained EDSS improvement at 12 months, the primary endpoint of EMBOLD [Phase 2 randomized, placebo-controlled study
On July 12, 2022, after the market closed, Atara Biotherapeutics, Inc announced the completion of its interim analysis of its phase 2 EMBOLD study for ATA188. The company stated:
"Based on the analysis of the EMBOLD data available at the time of the IA [interim analysis], there was not a sufficient dataset to draw conclusions about the predictive value of six months EDSS improvement for 12 months EDSS improvement. The IDSMC [Independent Data and Safety Monitoring Committee] believes the six-month interim endpoint may be an inaccurate measure of the potential of this intervention in this condition."
Shares of Atara Biotherapeutics, Inc (NASDAQ: ATRA) declined from $20.04 per share on November 4, 2022 to as low as $2.83 per share on August 1, 2022.
Those who purchased shares of Atara Biotherapeutics, Inc. (NASDAQ: ATRA) have certain options and should contact the Shareholders Foundation.
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