NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against Solid Biosciences Inc. (“Solid Biosciences” or the “Company”) (NASDAQ: SLDB) and certain of its officers. The class action, filed in United States District Court, District of Massachusetts, and docketed under index number 18-cv-10639, is on behalf of a class consisting of investors who purchased or otherwise acquired Solid’s securities: (1) pursuant and/or traceable to Solid’s false and misleading Registration Statement and Prospectus, issued in connection with the Company’s initial public offering on or about January 25, 2018 (the “IPO” or the “Offering”); and/or (2) on the open market between January 25, 2018 and March 14, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by defendants’ violations of the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Solid securities between January 25, 2018, and March 14, 2018, both dates inclusive, you have until May 29, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Solid Biosciences is a biotechnology company that purportedly develops therapies and devices for patients with duchenne muscular dystrophy (DMD). The Company’s lead product candidate, SGT-001, is a gene transfer under development to restore functional dystrophin protein expression in patients’ muscles. The Company’s therapy uses adeno-associated virus (AAV) to deliver the transgene into the patient.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Solid Biosciences’ lead drug candidate SGT-001 had a high likelihood of causing adverse events in patients; (ii) Solid Biosciences misled investors regarding the toxicity of SGT-001; and (iii) as a result of the foregoing, Solid Biosciences’ public statements were materially false and misleading at all relevant times.
On January 30, 2018, a report entitled “Severe Toxicity in Nonhuman Primates and Piglets Following High-Dose Intravenous Administration of an Adeno-Associated Virus Vector Expressing Human SMN,” was published by prominent scientists, including researcher James Wilson (“Wilson”). The report revealed safety concerns linked to high doses of gene therapies using an adeno-associated virus (AAV). Wilson resigned from the scientific advisory board at Solid Biosciences shortly before the Company’s IPO, citing “emerging concerns about the possible risks of high systemic dosing of AVV.”
On this news, Solid Biosciences’ share price fell $1.20, or 5.06%, to close at $22.50 per share on January 30, 2018.
On March 14, 2018, post-market, Solid Biosciences issued a press release entitled “Solid Biosciences Announces Clinical Hold On SGT-001 Phase I/II Clinical Trial for Duchenne Muscular Dystrophy,” announcing that the U.S. Food and Drug Administration has placed a clinical hold on Solid’s study of SGT-001, a treatment for Duchenne muscular dystrophy, after a patient experienced an unexpected adverse reaction.
On this news, Solid Biosciences’ share price fell $16.99, or 64.57%, to close at $9.32 on March 15, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.