Caribou Biosciences, Inc.
A securities class action has been filed in the USDC – N.D.CA. against Caribou Biosciences, Inc. (CRBU) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired: (a) Caribou common stock pursuant and/or traceable to the Offering Documents (defined below) issued in connection with the Company’s initial public offering conducted on or about July 23, 2021 (the “IPO” or “Offering”); and/or (b) Caribou securities between July 23, 2021 through December 9, 2022.
On or around July 26, 2021, Caribou conducted its initial public offering (“IPO”), selling 19 million shares of stock priced at $16.00 per share.
Then, on December 12, 2022, Caribou issued a press release “report[ing] new 12-month clinical data from cohort 1 in the ongoing ANTLER Phase 1 trial, which show long-term durability following a single infusion of CB-010 at the initial dose level 1 (40×106 CAR-T cells).” Among other results, Caribou reported that “3 of 6 patients maintained a durable CR [complete response] at 6 months” and “2 of 6 patients maintain a long-term CR at the 12 month scan and remain on the trial”.
On this news, Caribou’s stock price fell $0.81 per share, or 9.03%, to close at $8.16 per share on December 12, 2022.
The Complaint alleges the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that:
- CB-010’s treatment effect was not as durable as Defendants had led investors to believe;
- accordingly, CB-010’s clinical and commercial prospects were overstated; and
- as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
Caribou’s stock price fell $1.78 per share, or 20.41%, to close at $6.94 per share on June 10, 2022 after the Company issued a press release reporting “[p]ositive” data from the ANTLER Phase 1 clinical trial.
If you purchased Caribou Biosciences securities during the Class Period and would like to receive more information or join the action, please enter your contact information below and click “Submit Your Information”.
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