Kirby McInerney LLP | Financial Litigation Law Firm | Longeveron Inc.
This links to the home page
Cases
PRACTICE AREAS

Longeveron Inc.


The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of Florida on behalf of those who acquired Longeveron Inc. (“Longeveron” or the “Company”) (NASDAQ: LGVN): ): securities (a) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s February 12, 2021 initial public offering (“IPO” or the “Offering”); and/or b) between February 9, 2021 and August 12, 2021, inclusive (the “Class Period”). Investors have until November 12, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
 
Longeveron is a clinical stage biotechnology company that engages in developing cellular therapies for aging-related and life-threatening conditions. The Company’s lead investigational product is Lomecel-B, a cell-based therapy product that is derived from culture-expanded medicinal signaling cells that are sourced from the bone marrow of young healthy adult donors. Longeveron is conducting, among other trials, a Phase 2b trial of its Lomecel-B product for aging frailty (the “Phase 2b Aging Frailty Trial”). The Phase 2b Aging Frailty Trial’s primary efficacy endpoint is the change from baseline in the six-minute walk test at six months (or 180 days) for Lomecel-B subjects compared to placebo subjects.
 
On January 19, 2021, Longeveron filed its Registration Statement on Form S-1 with the United States Securities and Exchange Commission (“SEC”) in connection with the IPO, which, after several amendments, was declared effective by the SEC on February 11, 2021.
 
On or about February 12, 2021, pursuant to the Registration Statement, Longeveron’s Class A common stock began trading on the Nasdaq Capital Market (“NASDAQ”) under the ticker symbol “LGVN.”
 
Also on February 12, 2021, Longeveron filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the “Prospectus” and, together with the Registration Statement, the “Offering Documents”).
 
Pursuant to the Offering Documents, Longeveron conducted the IPO, issuing 2.66 million shares of its Class A common stock to the public at the Offering price of $10.00 per share, for approximate proceeds of $24.7 million to the Company after applicable underwriting discounts and commissions, and before expenses.
 
On August 13, 2021, Longeveron issued two press releases, one announcing topline results of the Phase 2b Aging Frailty Trial, and a second providing a corporate update and reporting the Company’s financial results for the second quarter of 2021. Both press releases disclosed, among other results, that Lomecel-B had “not achiev[ed] . . . statistical significance for the pairwise comparison to placebo” with respect to the primary efficacy endpoint. On this news, Longeveron’s stock price declined by $1.51 per share, or approximately 27.91%, from $5.41 to close at $3.90 per share on August 13, 2021, representing a total decline of 61% from the Offering price.
 
As of the time the complaint was filed, Longeveron’s stock price continues to trade below the $10.00 per share Offering price, damaging investors.
 
The lawsuit alleges throughout the Class Period, Longeveron’s Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Further, the Company issued materially false and/or misleading statements and failed to disclose adverse facts pertaining to Longeveron’s business, operations, and compliance policies. Longeveron and the Offering Documents made false and/or misleading statements and/or failed to disclose that: (i) Lomecel-B was not as effective in treating aging frailty as Defendants had led investors to believe; (ii) accordingly, Lomecel-B’s clinical and commercial prospects with respect to aging frailty were overstated; and (iii) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
 
If you purchased or otherwise acquired Longeveron securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, 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.  

Longeveron Inc. Investor Contact Form