Lawsuit filed for Investors who lost money with shares of Bolt Biotherapeutics, Inc. (NASDAQ: BOLT)

An investor, who purchased shares of Bolt Biotherapeutics, Inc. (NASDAQ: BOLT), filed a lawsuit over alleged violations of Federal Securities Laws by Bolt Biotherapeutics, Inc.

Investors who purchased shares of Bolt Biotherapeutics, Inc. (NASDAQ: BOLT) have certain options and for certain investors are short and strict deadlines running. Deadline: September 3, 2024. NASDAQ: BOLT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Redwood City, CA based Bolt Biotherapeutics, Inc., a clinical-stage biopharmaceutical company, engages in the development of immunotherapies for the treatment of cancer. The Company's business model relies primarily on the success of its "Boltbody" pipeline of immuno-oncology product candidates. Bolt's product pipeline includes the immune-stimulating antibody conjugate ("ISAC") BDC-1001, designed to target a tumor antigen known as human epidermal growth factor receptor 2 ("HER2") that is often found in cancers such as breast and gastroesophageal cancer, as well as BDC-3042 and BDC-4182, programs "targeting the clinically validated cancer antigen Claudin 18.2."

Historically, Bolt Biotherapeutics' lead asset was BDC-1001, which had pre-defined success criteria that included an overall response rate efficacy threshold of at least 30% and, according to Bolt, purportedly "provide[d] a compelling example of the potential of Boltbody ISACs to address unmet medical needs in solid tumors" by "targeting HER2-expressing tumors and related metastatic disease, triggering their destruction by the innate and adaptive immune systems."

Bolt Biotherapeutics, Inc. reported that its annual Total Revenue rose from $5.72 million in 2022 to $7.87 million in 2023, and that its Net Loss declined from $88.09 million in 2022 to $69.19 million in 2023.

On May 14, 2024, Bolt Biotherapeutics, Inc announced that it would cease further development of BDC-1001 and focus resources on BDC-3042 and BDC-4182 upon determining that BDC-1001 failed to meet its pre-defined success criteria, that the Company's Chief Executive Officer ("CEO") Randall C. Schatzman and Chief Medical Officer ("CMO") Edith Perez would be moved into advisory roles, and that Bolt would be reducing its workforce by approximately 50%. In addition, following Bolt's announcement, multiple analysts downgraded the Company's stock, citing BDC-3042 and BDC-4182's questionable near-term commercial prospects and the departure of the Company's CEO and CMO as reasons for the downgrade.

Shares of Bolt Biotherapeutics, Inc. (NASDAQ: BOLT) declined from $1.56 per share on April 01, 2024, to as low as $0.71 per share on July 10, 2024.

The plaintiff claims that between February 5, 2021 and May 14, 2024, the Defendants made false and/or misleading statements and/or failed to disclose that BDC-1001 was less effective than the Company had represented to investors and was in fact unlikely to meet its pre-defined success criteria, that accordingly, Defendants overstated the clinical and/or commercial prospects of Bolt's product pipeline, on which the Company primarily relies to sustain its business model, that all of the foregoing subjected the Company to a heightened risk of disruptive leadership transitions and substantial workforce reduction, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Bolt Biotherapeutics, Inc. (NASDAQ: BOLT) 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.