A lawsuit was filed on behalf of investors in Longeveron Inc. (NASDAQ:LGVN) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 09/29/2021 -- An investor, who purchased shares of Longeveron Inc. (NASDAQ: LGVN), filed a lawsuit over alleged violations of Federal Securities Laws by Longeveron Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Longeveron Inc. (NASDAQ: LGVN) have certain options and for certain investors are short and strict deadlines running. Deadline: November 12, 2021. NASDAQ: LGVN investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Miami, FL based Longeveron Inc., a clinical stage biotechnology company, engages in developing cellular therapies for aging-related and life-threatening conditions. Longeveron Inc's lead investigational product is Lomecel-B, a cell-based therapy product that is derived from culture-expanded medicinal signaling cells that are sourced from the bone marrow of young healthy adult donors. Longeveron Inc is conducting, among other trials, a Phase 2b trial of its Lomecel-B product for aging frailty (the "Phase 2b Aging Frailty Trial"). The Phase 2b Aging Frailty Trial's primary efficacy endpoint is the change from baseline in the six-minute walk test at six months (or 180 days) for Lomecel-B subjects compared to placebo subjects.
On or around February 11, 2021, Longeveron Inc. (NASDAQ: LGVN) conducted its initial public offering ("IPO"), issuing 2.66 million shares of common stock priced at $10.00 per share. Also on February 12, 2021, Longeveron Inc filed a prospectus with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the "Prospectus" and, together with the Registration Statement, the "Offering Documents").
Then, on August 13, 2021, Longeveron Inc. (NASDAQ: LGVN) issued a press release providing a corporate update and reporting its financial results for the second quarter of 2021. Among other items, Longeveron disclosed data from the Company's Phase 2b U.S. Aging Frailty trial of its Lomecel-B product, advising investors that the drug had "not achiev[ed] . . . statistical significance for the pairwise comparison to placebo" with respect to key study endpoints.
Shares of Longeveron Inc. (NASDAQ: LGVN) declined from $8.40 per share on July 2, 2021, to as low as $3.38 per share on August 17, 2021.
The plaintiff alleges on behalf of investors of Longeveron Inc. (NASDAQ: LGVN) who purchased or otherwise acquired Longeveron Inc. (NASDAQ: LGVN) Class A common stock pursuant and/or traceable to the Offering Documents (defined below) issued in connection with the Company's IPO and/or who purchased Longeveron Inc. (NASDAQ: LGVN) securities between February 12, 2021 and August 12, 2021, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose between February 12, 2021 and August 12, 2021 that Lomecel-B was not as effective in treating aging frailty as Defendants had led investors to believe, that accordingly, Lomecel-B's clinical and commercial prospects with respect to aging frailty were overstated, and that as a result, the Offering Documents and Defendants' public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
Those who purchased shares of Longeveron Inc. (NASDAQ: LGVN) have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
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.