NEW YORK, June 25, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Gritstone bio, Inc. (NASDAQ: GRTS), and Rivian Automotive, Inc. (NASDAQ: RIVN). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Gritstone bio, Inc. (NASDAQ: GRTS)
Class Period: March 9, 2023 – February 29, 2024
Lead Plaintiff Deadline: August 6, 2024
Gritstone, a clinical-stage biotechnology company, engages in developing vaccine-based immunotherapy candidates against cancer and infectious diseases.
In September 2023, Gritstone entered into a contract with the Biomedical Advanced Research and Development Authority (“BARDA”) to run a 10,000 participant, randomized Phase 2b double-blinded study to compare the efficacy, safety, and immunogenicity of its COVID-19 vaccine candidate (a samRNA vaccine candidate) with an approved COVID-19 vaccine (the “Phase 2b CORAL Study” or the “Study”). In a press release announcing the Phase 2b CORAL Study, the Company stated that the contract “provides strong validation of [its] innovative vaccine platform in infectious diseases,” that execution of the study would be fully funded by BARDA, and that the Study would be expected to launch in the first quarter of 2024.
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company would be unable to launch the Phase 2b CORAL Study in the timeframe it had represented to investors; (ii) the foregoing would impair Gritstone’s ability to obtain external funding in connection with the Study, thereby negatively affecting Gritstone’s ability to maintain its balance sheet and cash position; (iii) accordingly, Gritstone 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.
On February 12, 2024, Gritstone issued a press release announcing that the Company was delaying the launch of the Study until Fall 2024 to purportedly “allow use of fully GMP-grade raw materials in the vaccine, which is expected to increase the regulatory utility of the trial.”
Then, on February 29, 2024, Gritstone issued a press release “announc[ing] an approximately 40% reduction of its workforce”, stating that “[t]he move comes following the recently announced delay of the proposed CORAL Phase 2b study, which resulted in Gritstone not receiving external funding it previously anticipated beginning in 1Q 2024, associated with the initiation of the study.”
On this news, Gritstone’s stock price fell $0.78 per share, or 27.86%, to close at $2.02 per share on March 1, 2024.
For more information on the Gritstone class action go to: https://bespc.com/cases/GRTS
Rivian Automotive, Inc. (NASDAQ: RIVN)
Class Period: August 12, 2022 – February 21, 2024
Lead Plaintiff Deadline: July 30, 2024
According to the Complaint, Defendants failed to disclose to investors that: (i) Rivian had overstated demand for its electric vehicles (“EVs”); (ii) Rivian had concealed the negative effect inflation and higher interest rates were having on demand for its EVs; (iii) the number of orders in Rivian’s order bank had decreased due to cancellations and other factors; (iv) Rivian was failing to ramp up its production of EVs at the rate it claimed; and (v) all the foregoing was likely to, and did, negatively impact the Company’s anticipated earnings and vehicle production targets for 2024.
On February 21, 2024, after the close of trading, Rivian issued a press release announcing its fourth quarter and full year 2023 financial results. As part of these results, Rivian revealed that it planned to produce only 57,000 EVs in 2024, well below the 80,000 EVs expected by analysts. Rivian also revealed an adjusted EBITDA loss of $2.7 billion expected for 2024, versus a $2.59 billion loss expected by analysts, blaming “[e]conomic and geopolitical uncertainties and pressures, most notably the impact of historically high interest rates.” Rivian also announced it would cut 10% of salaried staff.
On this news, Rivian’s stock price fell $3.94 per share, or 25.6%, to close at $11.45 per share on February 22, 2024.
For more information on the Rivian class action go to: https://bespc.com/cases/RIVN
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
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