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CRBU.US
id: 581

Caribou Biosciences (CRBU) $3.9M Investor Settlement

Late claims are being considered for compensation, subject to approval.
N.D. California
Court
3:23-cv-01742
Case number
07/23/2021
Class period Start
07/13/2023
Class period End
01/17/2025
Claim deadline
Caribou Biosciences reached an agreement with $CRBU investors to settle claims related to misleading about the CB-010's treatment effectiveness.

Case Details:

On December 12, 2022, Caribou issued a press release, which stated that Cohort 1 results show:
  • 6 of 6 patients achieved a CR as the best response, 3 of 6 patients maintained a durable CR at 6 months, and 2 of 6 patients maintain a long-term CR at the 12-month scan and remain on the trial.
  • 18 months is the longest CR maintained to date in ANTLER, achieved by the first patient dosed with CB-010 (Emphases added).
As a result, worries about how long the CB-010 treatment lasts were confirmed, even though Caribou had repeatedly said otherwise.

On this news, $CRBU fell over 9%.

Based on these events, Caribou was accused of the following details:
  • The effectiveness of CB-010's treatment didn't last as long as it was stated.
  • As a result, the clinical and commercial prospects of CB-010 were exaggerated.
Caribou Biosciences reached an agreement with $CRBU investors to settle claims related to the CB-010's treatment effectiveness.
Case Status
Accepting Late Claims
Alleged Offence
Misleading Statements, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
1.5
Filing date
02/10/2023
Lead Plaintiff Deadline
04/11/2023
Plaintiffs
Ron Bergman
Attorneys
Pomerantz LLP (Los Angeles, CA)
Defendants
Rachel E. Haurwitz, Jason V. O'Byrne, Ryan Fischesser, Scott Braunstein, Andrew Guggenhime, Jeffrey Long-McGie, Natalie R. Sacks
Judge
Hon. Vince Chhabria
Administrator
Strategic Claims Services
Court hearing date
02/18/2025
Exclusion deadline
01/28/2025
Objection deadline
01/28/2025
Attorney fee
$1,442,000
Trades matching type
FIFO
+$3,900,000
Cash Settlement Amount

Caribou Biosciences Inc

Caribou Biosciences, Inc., a clinical-stage biopharmaceutical company, engages in the development of genome-edited allogeneic cell therapies for the treatment of hematologic malignancies in the Uni...

    Ticker
    CRBU.US
    ISIN
    US1420381089
    CIK
    1619856
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    2929 7th Street, Berkeley, CA, United States, 94710