NEW YORK, April 4, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Gritstone bio, Inc. (“Gritstone” or the “Company”) (NASDAQ: GRTS). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Gritstone and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 29, 2024, Gritstone issued a press release “announc[ing] an approximately 40% reduction of its workforce”, stating that “[t]he move comes following the recently announced delay of the proposed CORAL Phase 2b study, which resulted in Gritstone not receiving external funding it previously anticipated beginning in 1Q 2024, associated with the initiation of the study.”
On this news, Gritstone’s stock price fell $0.78 per share, or 27.86%, to close at $2.02 per share on March 1, 2024.
Then, on April 1, 2024, Gritstone reported mixed preliminary Phase 2 data for its personalized cancer vaccine candidate Granite, including a short-term response analysis that did not demonstrate a difference between study arms. In discussing these results, Gritstone’s Chief Executive Officer, Andrew Allen, admitted that, “with regard to defining molecular response, we simply got it wrong.”
On this news, Gritstone’s stock price fell $1.15 per share, or 48.94%, to close at $1.20 per share on April 2, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP