Centessa Pharmaceuticals plc

Ticker: CNTA

Class Period Start: 05/21/2021

Class Period End: 06/01/2022

Registration Deadline: 11/28/2022

A securities class action has been filed in the USDC – C.D.CA. against Centessa Pharmaceuticals plc (CNTA) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired: (a) Centessa American Depositary Shares (“ADSs”) pursuant and/or traceable to the Offering Documents (defined below) issued in connection with the Company’s initial public offering conducted on or about May 28, 2021 (the “IPO” or “Offering”); and/or (b) Centessa securities between May 28, 2021 through June 1, 2022.  

Centessa is a clinical-stage pharmaceutical company that purports to discover, develop, and deliver medicines to patients.  The Company’s development pipeline includes, among other products, lixivaptan, a vasopressin V2 receptor small molecule inhibitor in Phase 3 clinical development for the treatment of autosomal dominant polycystic kidney disease (“ADPKD”); and ZF874, a small molecule pharmacological chaperone folding corrector of the Z variant of the DNA encoding protein alpha-1-antitrypsin (“A1AT”), which is in Phase 1 clinical development for the treatment of A1AT deficiency (“AATD”).

On April 21, 2021, Centessa filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) in connection with the IPO, which, after several amendments, was declared effective by the SEC on May 27, 2021 (the “Registration Statement”).

On or about May 28, 2021, Centessa conducted the IPO, issuing 16.5 million of its ADSs to the public at the Offering price of $20 per ADS, for proceeds of $306.9 million to the Company after expenses and applicable underwriting discounts.

On June 1, 2021, Centessa filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the “Prospectus” and, collectively with the Registration Statement, the “Offering Documents”).

The complaint alleges that 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:

  • lixivaptan was less safe than Defendants had represented;
  • Defendants overstated lixivaptan’s clinical and commercial prospects;
  • ZF874 was less safe than Defendants had represented;
  • Defendants overstated ZF874’s clinical and commercial prospects while downplaying the drug’s safety issues; and
  • as a result, the Offering Documents and the Company’s public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.

 

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