NEW YORK, June 21, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Altimmune, Inc. (“Altimmune” or the “Company”) (NASDAQ: ALT) and reminds investors of the July 5, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In Altimmune To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $75,000 investing in Altimmune stock or options between December 1, 2023 and April 26, 2024 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/ALT.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Altimmune overstated the potential for pemvidutide to stand out from competing GLP-1 agonists based on the drug’s efficacy and tolerability results observed in the MOMENTUM Trial; (2) accordingly, the MOMENTUM Trial results were less significant to pemvidutide’s clinical, commercial, and competitive prospects than Defendants had led investors to believe; (3) as a result of all the foregoing, Defendants had overstated Altimmune’s prospects for finding a strategic partner to develop pemvidutide; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On February 13, 2024, Kerrisdale Capital published a report (the “Kerrisdale Report”) alleging that “a deeper examination of Altimmune’s data reveals a drug with little chance of competing against either the approved incumbents or the other GLP-1 agonists progressing through clinical trials.” In particular, the Kerrisdale Report found that “even if pemvidutide did result in 15.6% weight-loss, that’s not good enough” because competing, already approved GLP1 agonists “semaglutide and tirzepatide (Ozempic and Mounjaro) have demonstrated superior weight-loss on a comparable basis, with the added benefit of controlling blood-sugar (which pemvidutide does not),” while noting that “pemvidutide’s tolerability is atrocious” compared to these same drugs. (Emphasis in original.) Accordingly, the Kerrisdale Report concluded that “we don’t think legitimate prospective partners want to spend hundreds of millions of dollars and years of trials pursuing an obvious dead end.”
On this news, Altimmune’s stock price fell $1.94 per share, or 18.65%, to close at $8.46 per share on February 13, 2024.
Then, on April 29, 2024, Bloomberg published an article entitled “Altimmune Down as Guggenheim Sees Overhang in No Partnership,” reporting that “Guggenheim Securities downgraded Altimmune’s stock to neutral from buy saying a partnership for the biotech’s lead asset pemvidutide looks ‘increasingly unlikely.’” In particular, Guggenheim Securities stated that the opportunity to successfully fund pemvidutide’s future as a treatment for obesity through a strategic partnership was “growing increasingly tenuous” and that “the failure of a partner to emerge now five months from the end of Phase 2 presents an overhang that can no longer be ignored” as “a major partnership or M&A event would have materialized already if pemvidutide was viewed as a serious competitor in the growing obesity/ NASH landscapes by potential strategics or investors.”
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.
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 Altimmune’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Altimmune class action, go to www.faruqilaw.com/ALT or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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