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ALVR.US
id: 1069
AlloVir (ALVR) The Lead Product Studies Case
D. Massachusetts
Court1:24-cv-10152
Case number03/22/2022
Class period Start12/21/2022
Class period End03/19/2024
Lead Plaintiff motion deadline- $ALVR stockholder filed a claim vs. AlloVir, accusing them of overstating the prospects of the lead product.
- The news about the drug caused $ALVR 67% fall, and $178M+ shareholder value loss.
In March 2022, AlloVir started the final stage of testing for its primary product, posoleucel.
On December 22, 2023, AlloVir halted posoleucel Phase 3 studies due to effectiveness concerns.
- AlloVir stopped the studies because planned analyses showed they wouldn't meet their main goals.
Following this news, $ALVR dropped 67%.
Based on these events, $ALVR stockholder filed a claim against AlloVir and its leaders:
- The complaint suggests they hid the low chances of success for the posoleucel Phase 3 Studies.
- As a result, AlloVir is said to have exaggerated posoleucel's effectiveness.
Considering all the representations, investors have reasons to suspect that AlloVir misrepresented their likelihood of success and providing inaccurate portrayals of the drug's efficacy and commercial potential.
Case Status
Motion to dismiss
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
12/22/2023
Filing date
01/19/2024
Lead Plaintiff Deadline
03/19/2024