BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased bluebird bio, Inc. (“bluebird” or the “Company”) (NASDAQ: BLUE) common stock between April 24, 2023 and December 8, 2023, inclusive (the “Class Period”). bluebird investors have until May 28, 2024 to file a lead plaintiff motion.
Investors suffering losses on their bluebird investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On December 8, 2023, bluebird announced that it had received approval from the U.S. Food and Drug Administration (“FDA”) for its ex-vivo gene therapy drug Lyfgenia for sickle cell disease. Along with the approval came a black box warning for haematological malignancies with a requirement to monitor patients for cancer through complete blood counts at least every six months for at least 15 years, plus viral vector integration site analysis every six months as warranted. Additionally, the Company’s anticipated priority review voucher was denied by the FDA.
On this news, bluebird’s stock price fell $1.95, or 40.5%, to close at $2.86 per share on December 8, 2023, thereby injuring investors.
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 misled investors by creating the false impression that: (1) they could obtain FDA approval for lovo-cel without any black box warnings for haematological malignancies; (2) they would be granted a priority review voucher by the FDA and in turn sell it in order to strengthen their financial position for the lovo-cel launch; (3) as a result, the Company had significantly overstated Lyfgenia’s clinical and/or commercial prospects; 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.
If you purchased bluebird common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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