Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Invivyd To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - March 16, 2023) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Invivyd, Inc. f/k/a Adagio Therapeutics, Inc. ("Invivyd" or the "Company") (NASDAQ: IVVD) and reminds investors of the April 3, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Invivyd stock or options between November 29, 2021 and December 14, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/IVVD.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) 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; (2) that defendants' claims regarding ADG20's efficacy against Omicron lacked a reasonable factual basis; and (3) ADG20 was over 300 times less effective against the Omicron variant as compared to its effectiveness against previous variants.
On December 14, 2021, Invivyd issued a press release reporting in vitro results of ADG20 against the Omicron variant. In doing so, 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. Put simply, Invivyd admitted that the results showed that ADG20 did not work against Omicron. Invivyd's co-founder, Director, and CEO, defendant Tillman U. Gerngross explained: "While the individual mutations present in . . . Omicron . . . were not associated with escape from ADG20 in the context of an original strain of the virus, new data show that the combination of mutations present in the Omicron spike protein led to a reduction in ADG20 neutralization that was not suggested by prior data." On this news, the price of Invivyd shares declined by nearly 80%, damaging investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Invivyd's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158749
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