NEW YORK, May 9, 2024 /PRNewswire/ — Moore Law, PLLC, a securities and shareholder law firm located on Wall Street, is investigating potential claims against:
- Altimmune, Inc. (NASDAQ: ALT)
*please contact [email protected]
The investigation concerns allegations of false and/or misleading statements, as well as a failure to disclose material facts, that: (i) 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; (ii) accordingly, the MOMENTUM Trial results were less significant to pemvidutide’s clinical, commercial, and competitive prospects than investors were led to believe; and (iii) as a result of all the foregoing, defendants had overstated Altimmune’s prospects for finding a strategic partner to develop pemvidutide.
On February 13, 2024, Kerrisdale Capital published a report alleging 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.” On this news, Altimmune’s stock price fell $1.94 per share, or 18.65%, to close at $8.46 per share on February 13, 2024.
Then, on April 29, 2024, Bloomberg published an article entitled “Altimmune Down as Guggenheim Sees Overhang in No Partnership,” reporting that “Guggenheim Securities downgraded [Altimmune’s] stock to neutral from buy saying [a] partnership for the biotech’s lead asset pemvidutide look[s] ‘increasingly unlikely.'” On this news, Altimmune’s stock price fell $0.87 per share, or 11.98%, to close at $6.39 per share on April 29, 2024.
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Moore Law is a litigation law firm for investors seeking to enforce their rights. We hold officers and directors accountable for breaches of fiduciary duty, fraud, insider trading, wasteful spending, and other corporate malfeasance. We strengthen corporate governance reforms to better protect your investments.
Fletcher Moore, Esq.
Moore Law, PLLC
[email protected]
(212) 709-8245
www.fmoorelaw.com
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