NEW YORK, Feb. 02, 2024 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Massachusetts on behalf of those who acquired AlloVir, Inc. (“AlloVir” or the “Company”) (NASDAQ: ALVR) securities during the period of March 22, 2022 through December 21, 2023, inclusive (“the Class Period”). Investors have until March 19, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
In March 2022, AlloVir initiated global phase 3 registrational studies of its lead product posoleucel for the prevention of life-threatening viral infections from viruses in high-risk, allogeneic hematopoietic cell transplant patients (the “posoleucel Phase 3 Studies”). On December 22, 2023, AlloVir announced that it was discontinuing the posoleucel Phase 3 studies after pre-planned analyses concluded they wouldn’t meet their primary endpoints and stated that it would explore strategic alternatives for the Company. On this news, the price of AlloVir shares declined by $1.57 per share, or approximately 67.38%, from $2.33 per share to close at $0.77 on December 22, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the posoleucel Phase 3 Studies were unlikely to meet their primary endpoints; (ii) as a result, it was likely that the Company would ultimately discontinue the posoleucel Phase 3 studies; and (iii) AlloVir overstated the efficacy and clinical and/or commercial prospects of posoleucel.
If you purchased or otherwise acquired AlloVir securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
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