The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Altimmune, Inc. (ALT)

Published 5 months ago via Business Wire

The Law Offices of Frank R. Cruz reminds investors of the upcoming July 5, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Altimmune, Inc. (“Altimmune” or the “Company”) (NASDAQ: ALT) securities between December 1, 2023 and April 26, 2024, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On February 13, 2024, Kerrisdale Capital published a report alleging, among other things, that “a deeper examination of Altimmune’s data reveals a drug with little chance of competing against either the approved incumbents or the other GLP-1 agonists progressing through clinical trials.” The report further stated that Altimmune’s weight loss drug was “not good enough” to compete with Ozempic or Mounjaro, which have “demonstrated superior weight-loss on a comparable basis, with the added benefit of controlling blood-sugar (which pemvidutide does not).”

On this news, Altimmune’s stock price fell $1.94, or 18.7%, to close at $8.46 per share on February 13, 2024, thereby injuring investors.

Then, on April 29, 2024, Bloomberg reported that Guggenheim Securities had downgraded Altimmune’s stock to neutral from buy, stating that the opportunity to successfully fund pemvidutide’s future as a treatment for obesity through a strategic partnership was “growing increasingly tenuous.”

On this news, Altimmune’s stock price fell $0.87, or 12%, to close at $6.39 per share on April 29, 2024, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Altimmune overstated the potential for pemvidutide to stand out from competing GLP-1 agonists based on the drug’s efficacy and tolerability results observed in the MOMENTUM Trial; (2) accordingly, the MOMENTUM Trial results were less significant to pemvidutide’s clinical, commercial, and competitive prospects than Defendants had led investors to believe; (3) as a result of all the foregoing, Defendants had overstated Altimmune’s prospects for finding a strategic partner to develop pemvidutide; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Altimmune securities during the Class Period, you may move the Court no later than July 5, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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