bluebird bio, Inc. (BLUE) Failed to Disclose Relevant Material Facts to Mislead Shareholders of Regulatory Approval Prospects
According to the complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between December 11, 2017 and November 29, 2018. Beginning on December 11, 2017, bluebird bio, Inc. (BLUE) touted the efficacy and future prospects of its LentiGlobin™ gene therapy. Then, on December 1, 2018, bluebird issued a press release advising investors that it had “announced new long-term data from the completed Phase 1/2 Northstar (HGB-204) study of investigational LentiGlobin™ gene therapy in patients with transfusion-dependent β-thalassemia (TDT) and from the ongoing Phase 1/2 HGB-206 study of LentiGlobin in patients with sickle cell disease (SCD).” bluebird’s reported results cast doubt on the efficacy of LentiGlobin in increasing the production of anti-sickling hemoglobin. On December 3, 2018, Seeking Alpha published an article noting that these “results were lower than initial data reported a year ago indicating a lower rate of production of anti-sickling hemoglobin.” Following the clinical studies’ results announcement, bluebird’s stock price fell $6.39, or 5.2%, to close at $116.50.
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