A securities class action has been filed in the USDC – W.D.WA. against Sana Biotechnology, Inc. (SANA) (“Sana” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired Sana securities between March 17, 2023, and November 4, 2024, both dates inclusive (the “Class Period”).
Sana is a biotechnology company that develops ex vivo and in vivo cell engineering programs to purportedly revolutionize treatment across a broad array of therapeutic areas with unmet treatment needs, including, inter alia, oncology, diabetes, CNS disorders, and B-cell-mediated autoimmune diseases. The Company’s product candidates include, among others, SC291, a hypo-immune-modified CD19 targeted allogeneic chimeric antigen receptor (“CAR”) T (“CAR-T”) therapy for, inter alia, B-cell malignancies, including non-Hodgkin’s lymphoma (“NHL”) and chronic lymphoblastic leukemia (“CLL”); SC379, a pluripotent stem cell-derived glial progenitor cell (“GPC”) therapy to deliver healthy allogeneic GPCs to patients with certain CNS disorders; and SG299, a CD8-targeted fusosome that delivers a CD19 CAR to target CD19+ cancer cells for the treatment of hematologic malignancies..
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding Sana’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Sana was at significant risk of having insufficient funds to maintain its current operations and advance one or more of its product candidates;
(2) SC291 in oncology, SC379, and SG299 were less promising than Defendants had led investors to believe;
(3) in order to preserve cash and advance its more promising product candidates, Sana was likely to decrease funding for and/or discontinue SC291 in oncology, SC379, and SG299, as well as significantly reduce its headcount;
(4) accordingly, Defendants overstated Sana’s financial capacity to maintain its current operations and advance its existing product candidates; and
(5) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times, thereby harming investors.
On this news, Sana’s stock price fell $0.37 per share, or 9.84%, to close at $3.39 per share on November 5, 2024.
If you purchased Sana 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”.