SHAREHOLDER ALERT: Pomerantz Law Firm reminds shareholders who suffered losses on their investment in Altimmune, Inc. of the class action lawsuit and upcoming deadlines

NEW YORK, May 30, 2024 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Altimmune, Inc. (“Altimmune” or the “Company”) (NASDAQ: ALT) and certain of its officers. The class action lawsuit, filed in The United States District Court for the District MarylandSouthern Division, and registered under number 24-cv-01315, acts on behalf of a class consisting of all persons and entities other than the Defendants who purchased or otherwise acquired Altimmune securities between December 1, 2023 And 26 April 2024both dates inclusive (the “Claim Period”), seeking to recover damages for Defendants’ violations of the federal securities laws and to seek remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5, issued on this basis, against the company and some of its top officials.

If you are a shareholder who purchased or otherwise acquired Altimmune securities during the Class Period, you have until July 5, 2024 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at (email protected) or 646-581-9980 (or 888.4-POMLAW), toll-free, extension 7980. For inquiries by email, you will be asked to provide your mailing address, telephone number and the number of shares purchased.

(Click here for information on joining the class action lawsuit.)

Altimmune is a clinical-stage biopharmaceutical company focused on developing treatments for obesity and liver disease. The company’s lead product candidate is pemvidutide, a glucagon-like peptide-1 (“GLP-1”) agonist for the treatment of obesity and metabolic disorders-associated steatohepatitis (“MASH”). GLP-1 agonists are drugs that lower blood sugar levels and promote weight loss.

At 30 November 2023Altimmune announced key results from its 48-week Phase 2 MOMENTUM study evaluating pemvidutide for the treatment of obesity (the “MOMENTUM study”). According to the company, subjects treated with pemvidutide achieved average weight loss of 10.3%, 11.2%, 15.6% and 2.2% at week 48 for the 1.2 mg, 1.8 mg and 2.4 mg doses, and placebo, respectively, with a nearly linear trajectory of sustained weight loss observed at the 2.4 mg dose at the end of treatment. The defendants touted the importance of these results to the clinical and commercial prospects of pemvidutide, as they allegedly demonstrated the drug’s ability to compete with other GLP-1 agonists for weight loss. Pemvidutide’s ability to compete with other GLP-1 agonists for weight loss was particularly important to analysts and investors because the company needed to enter into a strategic partnership with, or otherwise be acquired by, more established biopharmaceutical companies that have the cash and capital needed to fund the drug’s future.

The complaint claims that throughout the Class Period, Defendants made materially false and misleading statements about the Company’s business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Altimmune exaggerated the potential of pemvidutide to differentiate itself from competing GLP-1 agonists based on the drug’s efficacy and tolerability results observed in the MOMENTUM study; (ii) accordingly, the results of the MOMENTUM study were less significant to pemvidutide’s clinical, commercial and competitive prospects than Defendants led investors to believe; (iii) as a result, Defendants overstated Altimmune’s prospects of finding a strategic partner to develop pemvidutide; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

At February 13, 2024Kerrisdale Capital published a report (the “Kerrisdale Report”) claiming that “a closer examination of Altimmune’s data reveals a drug that has little chance of competing with the approved established products or the other GLP-1 agonists going through clinical trials.” In particular, the Kerrisdale Report found that “even if pemvidutide did lead to 15.6% weight loss, that is not good enough,” because competing, already approved GLP-1 agonists such as semaglutide and tirzepatide (Ozempic and Mounjaro) have shown better weight loss on a comparable basis, with the added benefit of glycemic control (which pemvidutide does not),” but noting that the tolerability of pemvidutide is atrocious compared to these same drugs. (Emphasis in original.) Accordingly, the Kerrisdale report concluded that “we do not believe that serious potential partners would want to spend hundreds of millions of dollars and years of trials pursuing an obvious dead end.”

Following this news, Altimmune’s share price fell 1,94 € per share or 18.65%, and closed at $8.46 per share on February 13, 2024.

Then on 29.April2024, Bloomberg published an article titled “Altimmune Down as Guggenheim Sees Overhang in Lack of Partnership,” reporting that “Guggenheim Securities has downgraded the stock (of Altimmune) from Buy to Neutral as a partnership for pemvidutide, the biotech’s flagship product, appears ‘increasingly unlikely.'” Specifically, Guggenheim Securities stated that the possibility of successfully funding pemvidutide’s future as an obesity treatment through a strategic partnership is “increasingly unlikely” and that “the lack of a partner now, five months after the end of Phase 2, represents an overhang that can no longer be ignored” as “a major partnership or M&A event would have already occurred if pemvidutide had been viewed by potential strategic investors or investors as a serious competitor in the growing obesity/NASH space.”

Following this news, Altimmune’s share price fell $0.87 per share or 11.98%, and closed at 6,39 € per share on 29 April 2024.

Pomerantz LLP, with offices in new York, Chicago, Los Angeles, London, ParisAnd Tel-Avivis considered one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. PomerantzKnown as the dean of class action lawyers, Pomerantz was a pioneer in the field of securities class action litigation. Today, more than 85 years later, Pomerantz continues the tradition he established and fights for the rights of victims of securities class action litigation. FraudBreach of fiduciary duty and corporate misconduct. The firm has won billions of dollars in damages on behalf of class action plaintiffs. See www.pomlaw.com.

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CONTACT:
Danielle Peyton
Pomerantz LLP
(email protected)
646-581-9980 extension 7980

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