BOLT class action alert: Robbins LLP reminds shareholders

SAN DIEGO, July 10, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a class action lawsuit has been filed by a shareholder on behalf of individuals and entities who purchased or otherwise acquired securities of Bolt Biotherapeutics, Inc. (NASDAQ: BOLT) between February 5, 2021 and May 14, 2024. Bolt, a clinical-stage biopharmaceutical company, is engaged in developing immunotherapies to treat cancer.

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 Bolt Therapeutics, Inc. (BOLT) misled investors about the viability of its new drug candidate

Plaintiff alleges that during the Class Period, Defendants failed to disclose to investors that (i) BDC-1001 was less effective than the Company represented to investors and would not in fact meet pre-established success criteria; (ii) Defendants accordingly exaggerated the clinical and/or commercial prospects of Bolt’s product pipeline, which the Company relies on primarily to sustain its business model; and (iii) all of the foregoing placed the Company at increased risk of disruptive leadership changes and significant downsizing.

The lawsuit alleges that on May 14, 2024, Bolt issued a press release announcing that the Company would cease further development of BDC-1001 and focus its resources on BDC-3042 and BDC-4182 after determining that BDC-1001 had not met pre-established success criteria, that the Company’s Chief Executive Officer Randall C. Schatzman and Chief Medical Officer Edith Perez would be reassigned to advisory roles, and that Bolt would reduce its workforce by approximately 50%. In addition, following Bolt’s announcement, several analysts downgraded the Company’s shares, citing the questionable near-term commercial prospects of BDC-3042 and BDC-4182 and the departure of the Company’s CEO and CMO as reasons for the downgrade. On this news, Bolt’s stock price fell $0.49 per share, or 37.12%, to close at $0.83 per share on May 15, 2024.

What now: You may be eligible to participate in the Bolt Biotherapeutics, Inc. class action lawsuit. Shareholders who wish to serve as lead plaintiff for the class action lawsuit must file their motions with the Court by September 3, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible to receive compensation. If you choose not to take action, you may remain an absent class member. For more information, click here Here.

Representation is on a contingency basis. Shareholders pay neither fees nor expenses.

About Robbins LLP: Some law firms issuing press releases on this matter do not litigate securities class actions; Robbins LLP does. As a recognized leader in shareholder litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures and hold corporate executives accountable for wrongdoing since 2002. Since our founding, we have recovered over $1 billion for shareholders.

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

Attorney advertising. Past results do not guarantee a similar outcome.

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/8fb21ccf-be4b-4238-8b93-e92a5cdc9922