SAN DIEGO, Aug. 27, 2024 (GLOBE NEWSWIRE) — A class action lawsuit has been filed on behalf of purchasers or acquirers of Moderna, Inc. (NASDAQ: MRNA) (“Moderna” or the “Company”) securities between January 18, 2023 and June 25, 2024, inclusive (the “Class Period”), charging the Company and certain senior executives (collectively, “Defendants”) with violations of the federal securities laws.
Moderna investors have until October 8, 2024 to seek appointment as lead plaintiff of the Moderna class action lawsuit.
If you purchased Moderna securities between January 18, 2023 and June 25, 2024, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/moderna/.
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or emailing investors@dicellolevitt.com. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
Moderna is a biotechnology company that discovers, develops, and commercializes messenger RNA (“mRNA”) therapeutics and vaccines for the treatment of various diseases.
The Moderna lawsuit alleges that Defendants misrepresented the effectiveness of one of the Company’s products, mRNA-1345 (“mRESVIA”), an mRNA vaccine for respiratory syncytial virus (“RSV”). For example, in July 2023, Moderna submitted materials to the U.S. Food and Drug Administration (“FDA”) indicating mRESVIA had a vaccine efficacy rate of 83.7% as defined by two or more RSV symptoms related to the lower respiratory tract. Moderna continued to highlight this 83.7% efficacy rate throughout the Class Period in filings made with the U.S. Securities and Exchange Commission and on conference calls with investors.
Unbeknownst to investors, these statements were false and misleading. In truth, mRESVIA’s efficacy rate was significantly lower than the 83.7% rate touted during the Class Period.
The truth began to be revealed on May 31, 2024, when Moderna announced that “the [FDA] has approved mRESVIA . . . to protect adults aged 60 years and older from lower respiratory tract disease caused by RSV infection.” Moderna’s press release, however, indicated mRESVIA’s vaccine efficacy as 78.7%, lower than the 83.7% vaccine efficacy that the Company had previously identified. On this news, Moderna’s stock price fell $8.94 per share, or 5.9%, to close at $142.55 per share.
Then, on June 26, 2024, in a presentation before the Centers for Disease Control and Prevention’s (CDC) Advisory Committee on Immunization Practices, Moderna revealed that after 18 months, mRESVIA was only 49.9% to 50.3% effective against multiple symptoms of lower respiratory tract disease – a significantly lower efficacy rate than vaccines produced by its competitors. On this news, Moderna’s stock price fell $15.15 per share, or 11%, to close at $122.45 per share.
Market analysts found the Company’s disclosures raised doubts about mRESVIA’s prospects, especially when compared to competitor products. For example, Reuters noted that the RSV vaccines of Moderna’s competitors GSK and Pfizer had efficacy rates of 78%. Furthermore, Bloomberg stated, “[t]he results could further raise doubts over the prospects for its shot, which is already third to the market,” adding that “Moderna shares fell as much as 11%, their biggest intraday decline since November.”
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