Robbins LLP informs investors about this

SAN DIEGO, May 8, 2024 (GLOBE NEWSWIRE) — Robbins LLP informs investors that a shareholder has filed a class action lawsuit on behalf of all individuals and entities between April 1, 2023 and April 26, 2024. Altimmune is a biopharmaceutical company in the clinical stage focused on developing treatments for obesity and liver disease. The Company’s lead product candidate is pemvidutide, a glucagon-like peptide-1 agonist (“GLP-1”) for the treatment of obesity and metabolic dysfunction-associated steatohepatitis (“MASH”). GLP-1 agonists are medications that help lower blood sugar levels and promote weight loss.

For more information, submit a form, email attorney Aaron Dumas, Jr., or call us at (800) 350-6003.

The accusations: Robbins LLP is investigating allegations that Altimmune, Inc. (ALT) misled investors about the viability and effectiveness of its weight loss drug

According to the complaint, defendants failed to disclose the following during the class: (i) Altimmune overstated pemvidutide’s potential to differentiate itself from competing GLP-1 agonists based on the drug’s efficacy and tolerability results observed in the MOMENTUM trial ; (ii) accordingly, the results of the MOMENTUM trial were less significant to the clinical, commercial, and competitive prospects of pemvidutide than Defendants led investors to believe; and (iii) as a result of the foregoing, Defendants had overstated Altimmune’s prospects of finding a strategic partner for the development of pemvidutide.

The plaintiff claims that on February 13, 2024, Kerrisdale Capital released a report claiming that “a deeper review of Altimmune’s data reveals a drug that has little chance of competing with the approved incumbents or the other GLP.” -1 agonists undergoing clinical trials.” On this news, Altimmune’s stock price fell $1.94 per share, or 18.65%, to close at $8.46 on February 13, 2024 per share.

Then, on April 29, 2024, Bloomberg published an article titled “Altimmune Falls as Guggenheim Sees Lead in No Partnership” and reported that “Guggenheim Securities downgraded shares of Altimmune to Neutral from Buy and “It looks ‘increasingly unlikely.'” On this news, Altimmune’s stock price fell $0.87 per share, or 11.98%, to close on April 29 2024 at $6.39 per share.

What now: You may be eligible to participate in the Altimmune, Inc. class action lawsuit. Shareholders who wish to serve as lead plaintiff for the class must file motions with the Court by July 5, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to be a party to the case to be eligible for compensation. If you choose to take no action, you may remain an absent student. For more information click Here.

All representations are made on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: Some law firms issuing notices on this matter do not actually litigate securities class actions. Robbins LLP does. Robbins LLP’s attorneys and staff are recognized leaders in shareholder rights litigation and have been committed since 2002 to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their misconduct pull. Since our inception, we have received over $1 billion for shareholders.

To be notified when a class action lawsuit against Altimmune, Inc. is settled, or to receive free alerts when company executives commit misconduct, sign up Stock Monitoring Today.

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