Faruqi & Faruqi, LLP investigates claims on behalf of Gritstone investors

NEW YORK, June 10, 2024 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Gritstone bio, Inc. (“Gritstone” or the “Company”) (NASDAQ: GRTS) and reminds investors of the 6 August 2024 Deadline to serve as lead plaintiff in a federal securities class action lawsuit filed against the Company.

James (Josh) Wilson, securities litigation partner at Faruqi & Faruqi, LLP, encourages investors who have suffered losses beyond 25,000 US dollars In Gritstone to contact him directly to discuss their options

If you have suffered losses that 25,000 US dollars Investment in Gritstone shares or options between March 9, 2023 And February 29, 2024 and would like to discuss your legal rights, Call Faruqi & Faruqi Partner Josh Wilson direct at 877-247-4292 or 212-983-9330 (Extension 1310). For more information you can also click here: www.faruqilaw.com/GRTS.

Faruqi & Faruqi is a leading national securities law firm with offices in new York, Pennsylvania, California And GeorgiaThe firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint claims that the Company and its officers violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) the Company would not be able to complete the Phase 2 B CORAL Study within the timeframe disclosed to investors; (ii) the foregoing would impair Gritstone’s ability to obtain external funding in connection with the Study and would thereby adversely affect Gritstone’s ability to maintain its balance sheet and cash position; (iii) accordingly, Gritstone has overstated its ability to successfully develop and commercialize its products; (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

At February 12, 2024Gritstone announced in a press release that the company is postponing the start of the trial to fall 2024 to reportedly “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, 2024Gritstone issued a press release announcing a reduction in its workforce of approximately 40%, stating that “this move is a consequence of the recently announced delay of the planned CORAL phase. 2 B study, resulting in Gritstone not receiving external funding that it had originally expected to receive beginning in Q1 2024 in connection with the initiation of the study.”

Following this news, Gritstone’s share price fell $0.78 per share or 27.86% and closed at $2.02 per share on March 1, 2024.

As a result of Defendants’ unlawful acts and omissions and the rapid decline in the market value of the Company’s securities, Plaintiff and other class members have suffered significant losses and damages.

The court-appointed lead plaintiff will be the investor with the greatest financial interest in the relief sought by the class, who is reasonable and typical of class members, and who will direct and oversee the litigation on behalf of the putative class. Any member of the putative class may, through counsel of his or her choosing, ask the court to serve as lead plaintiff, or he or she may choose to do nothing and remain an absent class member. Your ability to share in any relief will not be affected by your decision to serve as lead plaintiff.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Gritstone’s conduct, including whistleblowers, former employees, shareholders and others, to contact the company.

Learn more about the Sandstone Class action lawsuit, go to www.faruqilaw.com/GRTS or Call Faruqi & Faruqi Partner Josh Wilson direct at 877-247-4292 or 212-983-9330 (Extension 1310).

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