Altimmune (ALT) Weight Loss Drug Development Issues Case

D. Maryland

Court

8:24-cv-01315

Case number

12/01/2023

Class period Start

04/26/2024

Class period End

07/05/2024

Lead Plaintiff motion deadline

$ALT stockholder filed a claim vs. Altimmune for overstating pemvidutide's advantages and potential success.
On February 13, 2024, Kerrisdale Capital's report caused $ALT to fall 18%, losing $137M+ in shareholder value.
Affected $ALT investors may join the claim to be notified about potential recovery.
On February 13, 2024, Kerrisdale Capital released a report criticizing Altimmune, stating that their weight loss drug doesn't match up to existing options like Ozempic and Mounjaro in terms of effectiveness and blood sugar control.

On this news, $ALT fell 18.7% on February 13, 2024.

On April 29, 2024, Bloomberg reported Guggenheim Securities downgraded $ALT to neutral from buy, citing concerns about funding pemvidutide's development as an obesity treatment.

After that, $ALT fell 12% the same day.

Based on these events, $ALT stockholder filed a claim against Altimmune and its leaders, accusing them of the following:
Altimmune exaggerated pemvidutide's advantages over similar drugs in the MOMENTUM Trial.
Altimmune also overstated its likelihood of finding a strategic partner to develop pemvidutide.
Considering all the representations, investors have reasons to suspect that Altimmune overstated pemvidutide's advantages and potential success.

One of $ALT investors has already filed a claim vs. Altimmune in the District of Maryland court.

Case Status

Case Consolidation

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

02/13/2024

Filing date

05/06/2024

Lead Plaintiff Deadline

07/05/2024

Judge

Paula Xinis

Altimmune (ALT) Weight Loss Drug Development Issues Case

Collecting participants…