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GRTS.US
id: 1247
Gritstone bio (GRTS) Cancelled Financing Case
N.D. California
Court3:24-cv-03449
Case number03/09/2023
Class period Start02/29/2024
Class period End08/06/2024
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
03/01/2024
Filing date
06/07/2024
Lead Plaintiff Deadline
08/06/2024