The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Invivyd, Inc. f/k/a Adagio Therapeutics, Inc. (IVVD)
The Law Offices of Frank R. Cruz reminds investors of the upcoming April 3, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Invivyd, Inc. f/k/a Adagio Therapeutics, Inc. ("Adagio" or the "Company") (NASDAQ: IVVD) common stock between November 29, 2021 and December 14, 2021, inclusive (the "Class Period").
If you are a shareholder who suffered a loss, click here to participate.
On December 14, 2021, Adagio disclosed that its COVID-19 treatment and prevention product, ADG20, was 300 times less effective at neutralizing the Omicron variant than it was against other variants, despite previous assurance of the efficacy against Omicron.
On this news, Adagio's stock price fell $7, or 78.8%, to close at $7.26 per share on December 14, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the published epitope mapping, structural studies, and sequence analyses which defendants had used to claim ADG20 was effective against Omicron were insufficient, unreliable, and inadequate to make claims of effectiveness of ADG20 against Omicron; (2) that defendants' claims regarding ADG20's efficacy against Omicron lacked a reasonable factual basis; (3) that ADG20 was over 300 times less effective against the Omicron variant as compared to its effectiveness against previous variants; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Adagio common stock during the Class Period, you may move the Court no later than April 3, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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