An investigation on behalf of investors in Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) shares over potential wrongdoing at Atea Pharmaceuticals, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 04/05/2022 -- An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Atea Pharmaceuticals, Inc.
Investors who purchased shares of Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) 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 Atea Pharmaceuticals directors breached their fiduciary duties and caused damage to the company and its shareholders.
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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