Press release
Investigation announced for Investors in Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) concerning possible Wrongdoing
An investigation on behalf of investors in Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) shares over potential wrongdoing.
Investors who purchased shares of Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Atea Pharmaceuticals directors breached their fiduciary duties and caused damage to the company and its shareholders.
Boston, MA based Atea Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focused on discovering, developing, and commercializing antiviral therapeutics for patients suffering from viral infections.
On October 19, 2021, Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) issued a press release "report[ing] that the global Phase 2 MOONSONG trial evaluating AT-527 in the outpatient setting did not meet the primary endpoint of reduction from baseline in the amount of SARS-CoV-2 virus in patients with mild or moderate COVID-19 compared to placebo in the overall study population, of which approximately two thirds of patients were low-risk with mild symptoms." Accordingly, Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) stated that it was "assessing potential modifications to the global Phase 3 MORNINGSKY trial including the trial's primary endpoint and patient population." On this news, Atea's stock price fell $26.80 per share, or 65.98%, to close at $13.82 per share on October 19, 2021. Then, on January 6, 2022, Morgan Stanley lowered its recommendation for Atea stock to Underweight from Equal-Weight, citing a lackluster market potential for AT-527 and opining that the product candidate "has missed the critical window to achieve a major bolus of COVID sales."
Shares of Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) declined from $46.91 per share on October 4, 2021, to as low as $7.37 per share on November 24, 2021.
Those who purchased shares of Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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