Lead Plaintiff Deadline 04/03/2023
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of those who acquired Invivyd, Inc. (“Invivyd” or the “Company”) (NASDAQ: IVVD) securities between November 29, 2021 through December 14, 2021 (the “Class Period”). Investors have until April 3, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Invivyd operates as a biotechnology company, focused on developing multiple next-generation candidate antibodies for the prevention and treatment of COVID-19.
Invivyd conducted its IPO on August 6, 2021, selling 18.2 million shares at a price of $17.00 per share.
On December 14, 2021, Invivyd issued a press release reporting in vitro results of ADG20 against the Omicron variant (the “December 14 Press Release”). In the December 14 Press Release, only a few weeks after assuring investors of the efficacy against Omicron, Invivyd announced that “[t]he in vitro data generated through both authentic and pseudovirus testing of the Omicron variant show a greater than 300-fold reduction in neutralizing activity of ADG20 against Omicron.” In other words, Invivyd revealed that the data showed that ADG20 was 300 times less effective at neutralizing Omicron than it was against the other variants. On this news, the price of Invivyd shares declined by $27.00 per share, or approximately 78.81%, from $34.26 per share to close at $7.26 on December 15, 2021.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) the published epitope mapping, structural studies, and sequence analyses which defendants had used to claim ADG20 was effective against the Omicron variant were insufficient, unreliable, and inadequate to make claims of effectiveness of ADG20 against Omicron; (ii) that defendants’ claims regarding ADG20’s efficacy against Omicron lacked a reasonable factual basis; and (iii) ADG20 was over 300 times less effective against the Omicron variant as compared to its effectiveness against previous variants.