Lawsuit filed for Investors who lost money with shares of Gritstone bio, Inc. (NASDAQ: GRTS)

An investor, who purchased shares of Gritstone bio, Inc. (NASDAQ: GRTS), filed a lawsuit over alleged violations of Federal Securities Laws by Gritstone bio, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Gritstone bio, Inc. (NASDAQ: GRTS) have certain options and for certain investors are short and strict deadlines running. Deadline: August 6, 2024. NASDAQ: GRTS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Emeryville, CA based Gritstone bio, Inc., a clinical-stage biotechnology company, engages in developing vaccine-based immunotherapy candidates against cancer and infectious diseases.

In September 2023, Gritstone bio, Inc. entered into a contract with the Biomedical Advanced Research and Development Authority ("BARDA") to run a 10,000 participant, randomized Phase 2b double-blinded study to compare the efficacy, safety, and immunogenicity of its COVID-19 vaccine candidate (a samRNA vaccine candidate) with an approved COVID-19 vaccine (the "Phase 2b CORAL Study" or the "Study").

In a press release announcing the Phase 2b CORAL Study, Gritstone bio, Inc. stated that the contract "provides strong validation of [its] innovative vaccine platform in infectious diseases," that execution of the study would be fully funded by BARDA, and that the Study would be expected to launch in the first quarter of 2024.
On February 12, 2024, Gritstone bio, Inc. announced that the Company was delaying the launch of the Study until Fall 2024 to purportedly "allow use of fully GMP-grade raw materials in the vaccine, which is expected to increase the regulatory utility of the trial."
Then, on February 29, 2024, Gritstone bio, Inc. issued a press release "announc[ing] an approximately 40% reduction of its workforce", stating that "[t]he move comes following the recently announced delay of the proposed CORAL Phase 2b study, which resulted in Gritstone not receiving external funding it previously anticipated beginning in 1Q 2024, associated with the initiation of the study."

Shares of Gritstone bio, Inc. (NASDAQ: GRTS) declined from $3.33 per shares on October 10, 2023, to as low as $0.67 per share on April 16, 2024.

The plaintiff claims that between March 9, 2023 and February 29, 2024, the Defendants made false and/or misleading statements and/or failed to disclose that the Company would be unable to launch the Phase 2b CORAL Study in the timeframe it had represented to investors, that the foregoing would impair Gritstone's ability to obtain external funding in connection with the Study, thereby negatively affecting Gritstone's ability to maintain its balance sheet and cash position, that accordingly, Gritstone overstated its ability to successfully develop and commercialize its products, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Gritstone bio, Inc. (NASDAQ: GRTS) 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.

This release was published on openPR.