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CRBU.US
id: 1453
Caribou Biosciences (CRBU) Clinical Data Misrepresentation Case
N.D. California
Court4:24-cv-09413
Case number07/14/2023
Class period Start07/16/2024
Class period End02/22/2025
Lead Plaintiff motion deadline- $CRBU investors filed a lawsuit against Caribou Biosciences for misleading them about the safety, efficacy, and commercial prospects of their lead product, CB-010.
- On June 2, 2024, Caribou presented updated Phase 1 clinical trial data for CB-010, which revealed lower-than-expected response rates and progression-free survival. Following this, $CRBU dropped by 25.52%.
Case Details:
Between July 14, 2023, and July 16, 2024, Caribou Biosciences promoted CB-010, an allogeneic anti-CD19 CAR-T cell therapy, as a safer and more effective alternative to traditional CAR-T treatments. They claimed CB-010 could rival or surpass existing therapies in safety, effectiveness, and durability.
However, at June 2, 2024, ASCO event, Caribou shared Phase 1 trial results showing a 36% complete response rate—significantly lower than the 65-66% rates of competing therapies. The trial also revealed shorter progression-free survival for patients using CB-010.
On July 16, 2024, Caribou announced a 12% workforce reduction and the suspension of its CAR-NK research program to save funds. These developments left investors questioning the company’s future.
Following this $CRBU dropped by 25.52%
Based on these events, $CRBU investors filed a lawsuit against Caribou Biosciences, claiming the company:
- It misled investors about CB-010’s clinical trial results and ability to compete with approved therapies.
- It failed to disclose financial challenges and risks tied to its CAR-NK research platform.
Investors believe Caribou overstated the potential of CB-010 and concealed financial instability.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements,
Financial Misrepresentation
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
06/03/2024
Filing date
12/24/2024
Lead Plaintiff Deadline
02/22/2025