SAN DIEGO & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Solid Biosciences Inc. (NasdaqGS: SLDB) have filed a class action complaint pursuant to the company's January 25, 2018 initial public offering ("IPO") and/or between January 25, 2018 and March 14, 2018. The complaint is filed against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 and the Securities Act of 1933. Solid Biosciences, a life science company, identifies and develops various therapies for Duchenne muscular dystrophy ("DMD") in the United States. The company's lead product candidate is known as SGT-001.
View this information on the law firm's Shareholder Rights Blog:
Solid Biosciences Accused of Misrepresenting the Toxicity of its Drug
According to the complaint, on January 25, 2018, Solid Biosciences held its IPO, selling 7 million shares of common stock for proceeds of approximately $112 million, which were purportedly to be used to fund research and develop a cure for DMD. Solid Biosciences subsequently stated on January 25, 2018, that its SGT-001 Phase I/II clinical trial, IGNITE DMD, was enrolling patients and that there was no indication of dangerous toxicity levels. Despite presenting an encouraging picture of its study, Solid Biosciences failed to disclose that SGT-001 had a high likelihood of causing adverse events in patients. On March 14, 2018, Solid Biosciences announced that it received notification from the U.S. Food and Drug Administration that IGNITE DMD had been placed on clinical hold. Since the disappointing news was announced, Solid Biosciences' stock has fallen over 71% to close at $7.50 per share on March 29, 2018—53% below the company's January 26, 2018 IPO price of $16 per share.
Solid Biosciences Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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