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ADGI.US
id: 596

Invivyd (IVVD) & Adagio (ADGI) Misleading Case

D. Massachusetts
Court
23-CV-10254
Case number
  • The results showed that Adagio's (ADGI) ADG20 did not work against Omicron.
  • Adagio (ADGI) stock dropped nearly 80%, seriously damaging investors.
  • Investors suspect Adagio (ADGI), its Leaders & service providers of misleading and concealment of material facts.
on December 14, 2021, Adagio (ADGI) issued a press release reporting in vitro results of ADG20 against the Omicron variant in which, only a few weeks after assuring investors of the efficacy against Omicron, Adagio announced that “the in vitro data generated through both authentic and pseudovirus testing of the Omicron variant shows a greater than 300-fold reduction in the neutralizing activity of ADG20 against Omicron.” In other words, Adagio revealed that the data showed that ADG20 was 300 times less effective at neutralizing Omicron than it was against the other variants. Put simply, the Company admitted that the results showed that ADG20 did not work against Omicron.

Co-founder & the CEO, Gerngross explained: “‘While the individual mutations present in . . . Omicron . . . were not associated with escape from ADG20 in the context of an original strain of the virus, new data show that the combination of mutations present in the Omicron spike protein led to a reduction in ADG20 neutralization that was not suggested by prior data.’”

On this news, Adagio (ADGI) stock dropped nearly 80%, seriously damaging investors.

Investors may have reasons to suspect Adagio (ADGI), its Leaders & service providers of misleading and concealment of material facts.
Alleged Offence
Misleading Statements
Failure to Disclose
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Service Provider
Research Entity
Security Type
Stocks
Trade Direction
Long
Shock Event Date
14 December 2021
Filing date
31 January 2023
Judge
Hon. Leo T. Sorokin
Collecting participants…

Adagio Therapeutics Inc

Adagio Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of antibody-based solutions for infectious diseases in the United...

    Ticker
    ADGI.US
    ISIN
    US00534A1025
    CIK
    1832038
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    1601 Trapelo Road, Waltham, MA, United States, 02451