A lawsuit was filed on behalf of investors in Silverback Therapeutics, Inc. (NASDAQ:SBTX) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/18/2021 -- An investor, who purchased shares of Silverback Therapeutics, Inc. (NASDAQ: SBTX), filed a lawsuit over alleged violations of Federal Securities Laws by Silverback Therapeutics, Inc.
Investors who purchased shares of Silverback Therapeutics, Inc. (NASDAQ: SBTX) have certain options and for certain investors are short and strict deadlines running. Deadline: January 4, 2022.NASDAQ: SBTX investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Seattle, WA based Silverback Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops tissue targeted therapeutics for the treatment of cancer, chronic viral infections, and other serious diseases.
On or around December 3, 2020, Silverback Therapeutics, Inc. conducted its initial public offering ("IPO"), offering 11.5 million shares of common stock priced at $21.00.
Then, on September 13, 2021, Silverback Therapeutics, Inc. issued a press release "announc[ing] that interim data from the dose-escalation portion of its Phase 1/1b clinical trial evaluating SBT6050 as a monotherapy and in combination with pembrolizumab in patients with advanced or metastatic HER2-expressing or amplified solid tumors will be presented at the upcoming European Society for Medical Oncology (ESMO) 2021 Congress from September 16-21, 2021" and advising that "[t]he accepted abstract . . . is now available on the ESMO website." Per the abstract, while there was a manageable safety profile for the Company's experimental therapy, the best overall response was PR (n=1), SD (n=3), and PD (n=10).
Shares of Silverback Therapeutics, Inc. (NASDAQ: SBTX) declined to as low as $10.80 per share on September 23, 2021.
According to the complaint the plaintiff alleges on behalf of purchasers of Silverback Therapeutics, Inc. (NASDAQ: SBTX) common shares , that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation
Additionally, the plaintiff claims that between December 3, 2020 and September 10, 2021, the Defendants made false and/or misleading statements and/or failed to disclose that Silverback's lead product candidate SBT6050 was less effective than the Company had represented to investors, that accordingly, the Company had overstated SBT6050's commercial and/or clinical prospects, and that as a result, the Offering Documents and Defendants' public statements between December 3, 2020 and September 10, 2021were materially false and/or misleading and failed to state information required to be stated therein.
Those who purchased shares of Silverback Therapeutics, Inc. (NASDAQ: SBTX) have certain options and should contact the Shareholders Foundation.
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