According to the Complaint, Longeveron Inc. is a clinical stage biotechnology company that engages in developing cellular therapies for aging-related and life-threatening conditions. The Company’s lead investigational product is Lomecel-B, a cell-based therapy product that is derived from culture-expanded medicinal signaling cells that are sourced from the bone marrow of young healthy adult donors.
On January 19, 2021, Longeveron filed a registration statement on Form S-1 with the United States Securities and Exchange Commission in connection with the Company’s initial public offering (“IPO”), which, after several amendments, was declared effective by the SEC on February 11, 2021. On or about February 12, 2021, pursuant to the Registration Statement, Longeveron’s Class A common stock began trading on the Nasdaq Capital Market (“NASDAQ”).
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. Specifically, the Complaint alleges that the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Lomecel-B was not as effective in treating aging frailty as Defendants had led investors to believe; (ii) accordingly, Lomecel-B’s clinical and commercial prospects with respect to aging frailty were overstated; and (iii) 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.
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