RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Solid Biosciences, Inc. (Nasdaq: SLDB) (“Solid Biosciences” or the “Company”) on behalf of purchasers of the Company’s securities between January 25, 2018 and March 14, 2018, inclusive (the “Class Period”).
Solid Biosciences investors who purchased securities during the Class Period may, no later than May 29, 2018, seek to be appointed as a lead plaintiff representative of the class.
Shareholders who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys D. Seamus Kaskela or Adrienne Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/solid-biosciences-inc#join.
Solid Biosciences operates as a biotechnology company. The Company’s lead product candidate, SGT-001, is a gene therapy designed and developed for its potential to help restore functional dystrophin protein expression in patients’ muscles.
On or about January 25, 2018, Solid Biosciences completed an initial public offering ("IPO") of common stock, selling over 8.9 million shares of stock to investors at $16.00 per share for gross proceeds of over $143 million.
Among other things, the shareholder class action complaint alleges that Solid Biosciences' IPO documents were negligently prepared, contained untrue statements of material fact, and were not prepared in accordance with the rules and regulations governing their preparation. Specifically, the complaint alleges that the Company's IPO documents failed to disclose: (i) that Solid Biosciences' lead drug candidate SGT-001 had a high likelihood of causing adverse events in patients; and (ii) that Solid Biosciences misled investors regarding the toxicity of SGT-001.
On March 14, 2018, Solid Biosciences disclosed that the U.S. Food and Drug Administration ("FDA") had placed a clinical hold on the Company's SGT-001 Phase I/II clinical trial. The FDA's clinical hold was imposed in response to a report made to the FDA of a "Suspected Unexpected Serious Adverse Reaction" occurring in the "first patient dosed in the clinical trial."
Following this news, shares of the Company's stock declined $16.99 per share, or nearly 65%, to close on March 15, 2018 at $9.32.
Solid Biosciences shareholders may, no later than May 29, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.