Solid Biosciences Inc. (SLDB) Accused of Misrepresenting the Toxicity of its Drug

According to the complaint, on January 25, 2018, Solid Biosciences Inc. (SLDB) held its IPO, selling 7 million shares of common stock for proceeds of approximately $112 million, which were purportedly to be used to fund research and develop a cure for DMD.  Solid Biosciences subsequently stated on January 25, 2018, that its SGT-001 Phase I/II clinical trial, IGNITE DMD, was enrolling patients and that there was no indication of dangerous toxicity levels.  Despite presenting an encouraging picture of its study, Solid Biosciences failed to disclose that SGT-001 had a high likelihood of causing adverse events in patients.  On March 14, 2018, Solid Biosciences announced that it received notification from the U.S. Food and Drug Administration that IGNITE DMD had been placed on clinical hold.  Since the disappointing news was announced, Solid Biosciences' stock has fallen over 71% to close at $7.50 per share on March 29, 2018—53% below the company's January 26, 2018 IPO price of $16 per share.

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