NEW YORK, July 03, 2024 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased securities of Bolt Biotherapeutics, Inc. (“Bolt” or the “Company”) (NASDAQ: BOLT) between February 5, 2021 and May 14, 2024, inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) BDC-1001 was less effective than the Company had represented to investors and was in fact unlikely to meet its pre-defined success criteria; (ii) accordingly, Defendants overstated the clinical and/or commercial prospects of Bolt’s product pipeline, on which the Company primarily relies to sustain its business model; (iii) all of the foregoing subjected the Company to a heightened risk of disruptive leadership transitions and substantial workforce reduction; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On May 14, 2024, issued a press release announcing that the Company would cease further development of BDC-1001 and focus resources on BDC-3042 and BDC-4182 upon determining that BDC-1001 failed to meet its pre-defined success criteria, that the Company’s Chief Executive Officer (“CEO”) Randall C. Schatzman and Chief Medical Officer (“CMO”) Edith Perez would be moved into advisory roles, and that Bolt would be reducing its workforce by approximately 50%. In addition, following Bolt’s announcement, multiple analysts downgraded the Company’s stock, citing BDC-3042 and BDC-4182’s questionable near-term commercial prospects and the departure of the Company’s CEO and CMO as reasons for the downgrade.
On this news, Bolt’s stock price fell $.49 per share, or 37.12%, to close at $0.83 per share on May 15, 2024.
Investors who purchased or otherwise acquired shares of Bolt should contact the Firm prior to the September 3, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
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