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BOLT.US
id: 1280

Bolt Biotherapeutics (BOLT) Drug Development Issues Case

N.D. California
Court
3:24-cv-03985
Case number
05 Feb 2021
Class period Start
14 May 2024
Class period End
02 Sept 2024
Lead Plaintiff motion deadline
  • $BOLT stockholder filed a claim against Bolt Biotherapeutics for overstating its lead drug's potential, which risked leadership changes and job cuts.
  • Following Bolt's May 14, 2024 announcement, $BOLT fell by over 37%.
  • Bolt’s investors can join this case to be notified about potential recovery.
Case Details:

On May 14, 2024, Bolt announced in a press release that it will stop further development of its lead asset, trastuzumab imbotolimod (BDC-1001), and will reduce its workforce by approximately 50%.

After Bolt’s announcement, several analysts downgraded the stock due to concerns about BDC-3042 and BDC-4182's prospects and the departure of the CEO and CMO.

This news caused $BOLT to drop by over 37%.

Based on these events, a $BOLT stockholder filed a claim against Bolt Biotherapeutics and its leaders, accusing them of the following:
  • BDC-1001 was less effective than Bolt claimed and unlikely to succeed.
  • The company overstated the clinical and commercial prospects of Bolt’s product pipeline.
  • This increased the risk of leadership changes and major job cuts.
Considering all the representations, investors have reasons to suspect that Bolt Biotherapeutics overstated its lead drug's potential, risking leadership changes and job cuts.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
14 May 2024
Filing date
02 July 2024
Lead Plaintiff Deadline
02 September 2024
Judge
Jacqueline Scott Corley
Collecting participants…

Bolt Biotherapeutics

Bolt Biotherapeutics, Inc., a clinical-stage biopharmaceutical company, engages in the development of immunotherapies for the treatment of cancer. The company's lead product candidate BDC-1001, whi...

    Ticker
    BOLT.US
    ISIN
    US0977021049
    CIK
    1641281
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    900 Chesapeake Drive, Redwood City, CA, United States, 94063