Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Invivyd, Inc. f/k/a Adagio Therapeutics, Inc. (IVVD) Investors
Adagio investors have until April 3, 2023 to file a lead plaintiff motion.
Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Invivyd, Inc. f/k/a Adagio Therapeutics, Inc. (“Adagio” or the “Company”) (NASDAQ: IVVD) common stock between November 29, 2021 and December 14, 2021, inclusive (the “Class Period”). Adagio investors have until April 3, 2023 to file a lead plaintiff motion.
If you suffered a loss on your Adagio investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Invivyd-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On December 14, 2021, Adagio disclosed that its COVID-19 treatment and prevention product, ADG20, was 300 times less effective at neutralizing the Omicron variant than it was against other variants, despite previous assurance of the efficacy against Omicron.
On this news, Adagio’s stock price fell $27, or 78.8%, to close at $7.26 per share on December 14, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the published epitope mapping, structural studies, and sequence analyses which defendants had used to claim ADG20 was effective against Omicron were insufficient, unreliable, and inadequate to make claims of effectiveness of ADG20 against Omicron; (2) that defendants’ claims regarding ADG20’s efficacy against Omicron lacked a reasonable factual basis; (3) that ADG20 was over 300 times less effective against the Omicron variant as compared to its effectiveness against previous variants; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Adagio common stock during the Class Period, you may move the Court no later than April 3, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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