NEWTOWN, Pa., May 16, 2024 (GLOBE NEWSWIRE) — Edelson Lechtzin LLP, a leading class action law firm, is investigating alleged violations of the federal securities laws by certain officers and directors of Altimmune, Inc. (NASDAQ: ALT).
Investors who purchased Altimmune, Inc. stock between December 1, 2023, and April 26, 2024, inclusive (the “Class Period”) have until July 5, 2024, to move the U.S. District Court for the District of Maryland to appoint them as lead plaintiff in the pending securities fraud class action lawsuit.
To learn more about this case, please contact Eric Lechtzin of Edelson Lechtzin LLP at 844-696-7492 or by e-mail at elechtzin@edelson-law.com. A copy of the class action complaint can be viewed HERE.
Background on Altimmune, Inc.
Headquartered in Gaithersburg, Maryland, Altimmune is a biopharmaceutical company developing innovative peptide-based therapeutics, including pemvidutide, a dual receptor agonist for obesity and MASH.
The Securities Fraud Claims
The Complaint alleges claims that throughout the Class Period, Defendants made materially false and/or misleading statements regarding the Company’s business, operations, and prospects including that: (i) Altimmune exaggerated pemvidutide’s potential to outperform competing GLP-1 agonists based on the results of the MOMENTUM Trial in terms of efficacy and tolerability.; (ii) Defendants misled investors about the significance of the MOMENTUM Trial results for pemvidutide’s clinical, commercial, and competitive prospects.; (iii) as a result of all the foregoing, Defendants had overstated Altimmune’s prospects for finding a strategic partner to develop pemvidutide.
On February 13, 2024, Kerrisdale Capital released a report criticizing Altimmune, highlighting that pemvidutide has little chance of competing with existing GLP-1 agonists. The report stated that even if pemvidutide resulted in a 15.6% weight loss, it wouldn’t be enough compared to other approved GLP-1 agonists such as semaglutide (Ozempic) and tirzepatide (Zepbound), which offer better weight loss and blood sugar control. The report also said that pemvidutide has poor tolerability. Kerrisdale concluded that prospective partners were unlikely to invest in pemvidutide because of its perceived shortcomings. On this news, Altimmune’s stock price fell $1.94 per share, or 18.65%, to close at $8.46 on February 13, 2024.
On April 29, 2024, Bloomberg published an article about Altimmune titled, “Altimmune Down as Guggenheim Sees Overhang in No Partnership,” which reported that Guggenheim Securities downgraded Altimmune’s stock from buy to neutral. They expressed doubt about Altimmune’s ability to secure a partnership for their lead asset, pemvidutide, which is intended to treat obesity. Guggenheim suggested that the chance of successfully funding pemvidutide’s development through a strategic partnership was diminishing. They emphasized the absence of a partner just five months away from the end of Phase 2 trials, which indicated a significant challenge in securing funding and market acceptance. On this news, Altimmune’s stock price fell $0.87 per share, or 11.98%, to close at $6.39 per share on April 29, 2024.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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