The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of bluebird bio, Inc. (BLUE) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 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.

If you are a shareholder who suffered a loss, click here to participate.

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.

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If you purchased bluebird common stock during the Class Period, you may move the Court no later than May 28, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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