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ALT.US
id: 1211
Altimmune (ALT) Weight Loss Drug Development Issues Case
D. Maryland
Court8:24-cv-01315
Case number01 Dec 2023
Class period Start26 Apr 2024
Class period End05 Jul 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
Lead Plaintiff Submission
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
13 February 2024
Filing date
06 May 2024
Lead Plaintiff Deadline
05 July 2024
Judge
Paula Xinis