Invivyd formed in June 2020, during some of the worst days of the pandemic, to develop drugs for the treatment and prevention of COVID-19 and future coronavirus outbreaks. During the Class Period, Invivyd was focused on developing ADG20, an investigational monoclonal antibody treatment for COVID-19. In September 2022, Adagio announced that it was changing its corporate name to Invivyd.
The Complaint alleges that defendants throughout the Class Period failed to disclose that:
- the published epitope mapping, structural studies, and sequence analyses which defendants had used to claim ADG20 was effective against the Omicron variant were insufficient, unreliable, and inadequate to make claims of effectiveness of ADG20 against Omicron;
- that defendants’ claims regarding ADG20’s efficacy against Omicron lacked a reasonable factual basis; and
- ADG20 was over 300 times less effective against the Omicron variant as compared to its effectiveness against previous variants.
On the press release issued by Invivyd, the price of the Company shares declined by nearly 80%, damaging investors.