Robbins LLP is Investigating the Allegations that Altimmune, Inc. (ALT) Misled Investors Regarding the Viability and Efficacy of its Weight Loss Drug
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Altimmune, Inc. (NASDAQ: ALT) securities between December 1, 2023 and April 26, 2024. Altimmune is a clinical stage biopharmaceutical company that focuses on developing treatments for obesity and liver diseases. The Company’s lead product candidate is pemvidutide, a glucagon-like peptide-1 (“GLP-1”) agonist for the treatment of obesity and metabolic dysfunction-associated steatohepatitis (“MASH”). GLP-1 agonists are medications that help lower blood sugar levels and promote weight loss.
The Allegations
According to the complaint, during the class period, defendants failed to disclose that: (i) Altimmune overstated the potential for pemvidutide to stand out from competing GLP-1 agonists based on the drug’s efficacy and tolerability results observed in the MOMENTUM Trial; (ii) accordingly, the MOMENTUM Trial results were less significant to pemvidutide’s clinical, commercial, and competitive prospects than defendants had led investors to believe; and (iii) as a result of all the foregoing, defendants had overstated Altimmune’s prospects for finding a strategic partner to develop pemvidutide.
Plaintiff alleges that on February 13, 2024, Kerrisdale Capital published a report alleging that “a deeper examination of Altimmune’s data reveals a drug with little chance of competing against either the approved incumbents or the other GLP-1 agonists progressing through clinical trials.” On this news, Altimmune’s stock price fell $1.94 per share, or 18.65%, to close at $8.46 per share on February 13, 2024.
Then, on April 29, 2024, Bloomberg published an article entitled “Altimmune Down as Guggenheim Sees Overhang in No Partnership,” reporting that “Guggenheim Securities downgraded [Altimmune’s] stock to neutral from buy saying [a] partnership for the biotech’s lead asset pemvidutide look[s] ‘increasingly unlikely.’” On this news, Altimmune’s stock price fell $0.87 per share, or 11.98%, to close at $6.39 per share on April 29, 2024.
What Now: You may be eligible to participate in the class action against Altimmune, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by July 5, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.