Gritstone bio (GRTS) Cancelled Financing Case

N.D. California

Court

3:24-cv-03449

Case number

09 Mar 2023

Class period Start

29 Feb 2024

Class period End

06 Aug 2024

Lead Plaintiff motion deadline

$GRTS stockholder filed a claim vs. Gritstone bio for hiding the delay in launching the study, which hurt funding and damaged its financial stability.
On March 1, 2024, $GRTS fell 27.8%, losing $84M+ in shareholder value on announced 40% workforce reduction.
Gritstone investors can join this case to be notified about potential recovery.
Case Details:

In September 2023, Gritstone secured a BARDA contract to fully fund and launch a Phase 2b CORAL study for its COVID-19 vaccine candidate in Q1'24.

On February 12, 2024, Gritstone announced the delay of the launch of the study until Fall 2024.

Then, on February 29, 2024, Gritstone announced a 40% workforce reduction following the delay of the CORAL Phase 2b study, which led to a loss of external funding.

On this news, $GRTS fell 27.8%, losing $84M+ in shareholder value on March 1, 2024.

Based on these events, $GRTS stockholder filed a claim against Gritstone and its leaders, accusing them of the following:
Gritstone was unable to launch the Phase 2b CORAL Study as promised to investors. 
The delay hampered external funding, harming Gritstone's financial stability.
Considering all the representations, investors have reasons to suspect that Gritstone hid the delay in launching the Phase 2b CORAL Study, which hurt funding and damaged its financial stability.

Case Status

Dismissed

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

01 March 2024

Filing date

07 June 2024

Lead Plaintiff Deadline

06 August 2024

Gritstone bio (GRTS) Cancelled Financing Case

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