A securities class action has been filed in the USDC — N.D.CA. against Gritstone bio, Inc. (GRTS) (“Gritstone” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Gritstone securities between March 9, 2023 and February 29, 2024, both dates inclusive (the “Class Period”).
Gritstone, a clinical-stage biotechnology company, engages in developing vaccine-based immunotherapy candidates against cancer and infectious diseases.
The claim arises on February 29, 2024, when Gritstone issued a press release entitled “Gritstone bio Announces Workforce Reduction.”
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) the Company would be unable to launch the Phase 2b CORAL Study in the timeframe it had represented to investors;
(2) the foregoing would impair Gritstone’s ability to obtain external funding in connection with the Study, thereby negatively affecting Gritstone’s ability to maintain its balance sheet and cash position;
(3) accordingly, Gritstone overstated its ability to successfully develop and commercialize its products;
(4) as a result, the Company’s public statements were materially false and misleading at all relevant times, thereby harming investors.
As a result, Gritstone’s stock price fell $0.78 per share, or 27.86%, to close at $2.02 per share on March 1, 2024.
If you purchased Gritstone securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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