An investigation for investors in Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) shares over potential securities laws violations by Atea Pharmaceuticals, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 02/02/2022 -- Atea Pharmaceuticals, Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Atea Pharmaceuticals, Inc. (NASDAQ: AVIR), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Atea Pharmaceuticals, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Boston, MA based Atea Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focused on discovering, developing, and commercializing antiviral therapeutics for patients suffering from viral infections.
On October 19, 2021, Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) issued a press release "report[ing] that the global Phase 2 MOONSONG trial evaluating AT-527 in the outpatient setting did not meet the primary endpoint of reduction from baseline in the amount of SARS-CoV-2 virus in patients with mild or moderate COVID-19 compared to placebo in the overall study population, of which approximately two thirds of patients were low-risk with mild symptoms." Accordingly, Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) stated that it was "assessing potential modifications to the global Phase 3 MORNINGSKY trial including the trial's primary endpoint and patient population." On this news, Atea's stock price fell $26.80 per share, or 65.98%, to close at $13.82 per share on October 19, 2021. Then, on January 6, 2022, Morgan Stanley lowered its recommendation for Atea stock to Underweight from Equal-Weight, citing a lackluster market potential for AT-527 and opining that the product candidate "has missed the critical window to achieve a major bolus of COVID sales."
Shares of Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) declined from $46.91 per share on October 4, 2021, to as low as $7.37 per share on November 24, 2021.
Those who purchased shares of Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) have certain options and should contact the Shareholders Foundation.
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