close
close
hsuses

GRITSTONE BIO, INC. (NASDAQ: GRTS) INVESTOR ALERT:

Theo

NEW YORK, June 11, 2024 (GLOBE NEWSWIRE) – Bernstein Liebhard LLP:

  • Do you own or have you owned shares of Gritstone bio, Inc. (NASDAQ: GRTS)?
  • Did you purchase your shares between March 9, 2023 and February 29, 2024 inclusive?
  • Did you lose money on your investment in Gritstone Bio, Inc.?
  • Would you like to talk about your rights?

Bernstein Liebhard LLP announces that a class action lawsuit has been filed on behalf of investors who purchased securities of Gritstone bio, Inc. (“Gritstone” or the “Company”) (NASDAQ: GRTS) between 9 March 2023 and 29 February 2024inclusive (the “Claim Period”). The lawsuit was filed in the U.S. District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you Have purchased or acquired Gritstone securities and/or would like to discuss your legal rights and options please visit the Gritstone Bio, Inc. Shareholder Class Action Lawsuit or contact the Investor Relations Manager. Peter Allocco at (212) 951-2030 or [email protected].

Gritstone is a clinical-stage biotechnology company engaged in the development of vaccine-based immunotherapy candidates for cancer and infectious diseases. In September 2023, Gritstone entered into a contract with the Biomedical Advanced Research and Development Authority (“BARDA”) to conduct a 10,000-participant, randomized, double-blind Phase 2b study to compare the efficacy, safety and immunogenicity of its COVID-19 vaccine candidate (a samRNA vaccine candidate) to an approved COVID-19 vaccine (the “Study”). In a press release announcing the Study, the Company stated that the contract “represents strong validation of (its) innovative infectious disease vaccine platform,” that the conduct of the Study will be fully funded by BARDA, and that the Study is expected to start in the first quarter of 2024.

According to the complaint, the defendants failed to disclose to investors that (i) the Company would not be able to complete the study within the timeframe disclosed to investors; (ii) doing so would impact Gritstone’s ability to obtain external funding in connection with the study, thereby negatively impacting Gritstone’s ability to maintain its balance sheet and cash position; and (iii) accordingly, Gritstone overstated its ability to successfully develop and commercialize its products.

On February 12, 2024, Gritstone announced in a press release that the company was delaying the start of the trial to fall 2024, reportedly to “enable the use of fully GMP compliant raw materials in the vaccine, which is expected to increase the regulatory benefit of the trial.”

Then, on February 29, 2024, Gritstone issued a press release announcing “a reduction of approximately 40% of its workforce,” stating, “This move comes as a result of the recently announced delay of the planned CORAL Phase 2b trial, which resulted in Gritstone not receiving external funding related to the initiation of the trial, which it had originally anticipated beginning in Q1 2024.”

On this news, Gritstone’s stock price fell $0.78 per share, or 27.86%, to close at $2.02 per share on March 1, 2024.

If you wish to serve as lead plaintiff, you must move the Court no later than 6 August 2024. A lead plaintiff is a representative party who directs the litigation on behalf of other class members. Your ability to share in any recovery is not dependent on your serving as lead plaintiff. If you choose not to take action, you may remain an absent class member.

If you Have purchased or acquired Gritstone securities and/or would like to discuss your legal rights and options please visit the Gritstone Bio, Inc. Shareholder Class Action Lawsuit or contact the Investor Relations Manager. Peter Allocco at (212) 951-2030 or [email protected].

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the nation’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its success in litigating hundreds of trials and class action cases, the firm has been named to the National Law Journal’s “Plaintiffs’ Hot List” thirteen times and has been listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertising is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Past results do not guarantee or predict a similar outcome with respect to future matters.

Contact information:

Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]

Related Posts