A lawsuit was filed on behalf of investors in Invivyd, Inc. (NASDAQ:IVVD) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/14/2023 -- An investor, who purchased shares of Invivyd, Inc. (NASDAQ: IVVD), filed a lawsuit over alleged violations of Federal Securities Laws by Invivyd, Inc. f.k.a. Adagio Therapeutics, Inc. in connection with certain allegedly false and misleading statements made between November 29, 2021 and December 14, 2021.
Investors who purchased a significant amount of shares of Invivyd, Inc. (NASDAQ: IVVD) between November 29, 2021 and December 14, 2021, and / or those who purchased any NASDAQ: IVVD shares prior to November 2021 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: April 3, 2023. NASDAQ: IVVD investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Waltham, MA based Invivyd, Inc. f.k.a. Adagio Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of antibody-based solutions for infectious diseases, such as COVID-19 and future coronavirus outbreaks, in the United States. Invivyd, Inc. focused on developing ADG20, an investigational monoclonal antibody treatment for COVID-19.
On or around August 10, 2021, Invivyd, Inc., conducted its initial public offering ("IPO"), and the company sold 20.9 million shares for $17.00.
On December 14, 2021, Invivyd, Inc issued a press release reporting in vitro results of ADG20 against the Omicron variant. Invivyd, Inc announced that "[t]he in vitro data generated through both authentic and pseudovirus testing of the Omicron variant show a greater than 300-fold reduction in neutralizing activity of ADG20 against Omicron." In other words, Invivyd, Inc revealed that the data showed that ADG20 was 300 times less effective at neutralizing Omicron than it was against the other variants. Invivyd's co-founder, Director, and CEO, defendant Tillman U. Gerngross explained: "While the individual mutations present in . . . Omicron . . . were not associated with escape from ADG20 in the context of an original strain of the virus, new data show that the combination of mutations present in the Omicron spike protein led to a reduction in ADG20 neutralization that was not suggested by prior data."
Since the IPO shares of Invivyd, Inc. f.k.a. Adagio Therapeutics, Inc. (NASDAQ: IVVD) declined to as low as $1.42 per share on December 30, 2022.
The plaintiff claims that between November 29, 2021 and December 14, 2021, the defendants failed to disclose that the published epitope mapping, structural studies, and sequence analyses which defendants had used to claim ADG20 was effective against the Omicron variant were insufficient, unreliable, and inadequate to make claims of effectiveness of ADG20 against Omicron, that that defendants' claims regarding ADG20's efficacy against Omicron lacked a reasonable factual basis, and that ADG20 was over 300 times less effective against the Omicron variant as compared to its effectiveness against previous variants.
Those who purchased shares of Invivyd, Inc. (NASDAQ: IVVD) have certain options and should contact the Shareholders Foundation.
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