NEW YORK, March 06, 2023 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of those who acquired Invivyd, Inc. f/k/a Adagio Therapeutics, Inc. (“Invivyd” or the “Company”) (NASDAQ: IVVD) securities during the period from November 29, 2021 through December 14, 2021 (the “Class Period”). Investors have until April 3, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Invivyd operates as a biotechnology company focused on developing multiple next-generation candidate antibodies for the prevention and treatment of COVID-19. It developed ADG20, an investigational monoclonal antibody treatment for COVID-19.
On December 14, 2021, Invivyd issued a press release reporting in vitro results of ADG20 against the Omicron variant (the “December 14 Press Release”). In the December 14 Press Release, only a few weeks after assuring investors of ADG20’s efficacy against Omicron, Invivyd announced that “[t]he in vitro data generated through both authentic and pseudovirus testing of the Omicron variant show a greater than 300-fold reduction in neutralizing activity of ADG20 against Omicron.” In other words, Invivyd revealed that the data showed that ADG20 was 300 times less effective at neutralizing Omicron than it was against the other variants. On this news, the price of Invivyd shares declined by $27 per share, or approximately 78.81%, from $34.26 per share to close at $7.26 on December 15, 2021.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) the published epitope mapping, structural studies, and sequence analyses which defendants had used to claim ADG20 was effective against the Omicron variant were insufficient, unreliable, and inadequate to make claims of effectiveness of ADG20 against Omicron; (ii) that defendants’ claims regarding ADG20’s efficacy against Omicron lacked a reasonable factual basis; and (iii) ADG20 was over 300 times less effective against the Omicron variant as compared to its effectiveness against previous variants.
If you purchased or otherwise acquired Invivyd securities, have information, or would like to learn more about this lawsuit, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
[email protected]
