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 mail@shareholdersfoundation.com 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.

Contact:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
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.