NEW YORK, July 28, 2022 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired the American Depositary Shares ("ADS’s") of Molecular Partners AG ("Molecular Partners" or the "Company") (NASDAQ: MOLN) on behalf of a class consisting of all persons that purchased or otherwise acquired:
- Molecular Partners American Depositary Shares ("ADS’s") pursuant and/or traceable to the Offering Documents issued in connection with the Company’s Initial Public Offering conducted on or about June 16, 2021 (the "IPO"); and/or
- Molecular Partners securities between June 16, 2021 and April 26, 2022, both dates inclusive (the "Class Period").
All investors who purchased the ADS’s of Molecular Partners and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the ADS’s of Molecular Partners, you may, no later than September 12, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADS’s of Molecular Partners.
PLEASE CLICK HERE TO JOIN CASE
On April 22, 2021, Molecular Partners filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") in connection with the IPO, which, after several amendments, was declared effective by the SEC on June 15, 2021 (the "Registration Statement").
Pursuant to the Offering Documents, Molecular Partners conducted the IPO, issuing 3 million of its ADSs to the public at the IPO price $21.25 per ADS, for proceeds to the Company of approximately $59 million
The filed complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, the complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that:
- ensovibep was less effective at treating COVID-19 than Defendants had led investors to believe;
- accordingly, the FDA was reasonably likely to require an additional Phase 3 study of ensovibep before granting the drug EUA;
- waning global rates of COVID-19 significantly reduced the Company’s chances of securing EUA for ensovibep;
- as a product candidate, MP0310 was less attractive to Amgen than Defendants had led investors to believe;
- accordingly, there was a significant likelihood that Amgen would return global rights of MP0310 to Molecular Partners;
- as a result of all the foregoing, the clinical and commercial prospects of
ensovibep and MP0310 were overstated; and - as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
On November 16, 2021, Molecular Partners disclosed that "a planned futility analysis of ensovibep in an] ongoing [Phase 3] clinical study . . . has not met the thresholds required to continue enrollment of adults with COVID-19 in the hospitalized setting."
On this news, Molecular Partners’ ADS price fell $4.64 per ADS, or 31.37%, to close at $10.15 per ADS on November 16, 2021.
On April 26, 2022, months after applying for EUA from the FDA for ensovibep, Novartis’ Chief Executive Officer, Vas Narasimhan, disclosed that "given the latest feedback . . . in our discussions with the [FDA], we would expect the agency to require a Phase 3 study before granting an EUA approval or a general approval" for ensovibep, and that "we need to make a kind of sober evaluation as to is it a doable study in light of the waning rates of COVID around the world[.]"
On this news, Molecular Partners' ADS price fell $2.68 per ADS, or 16.17%, to close at $13.89 per ADS on April 26, 2022.
Then, also on April 26, 2022, during after-market hours, Molecular Partners "announced that Amgen . . . has informed the Company of their decision to return global rights of MP0310 to Molecular Partners following a strategic pipeline review."
On this news, Molecular Partners’ ADS price fell $5.19 per ADS, or 37.37%, to close at $8.70 per ADS on April 27, 2022-a total decline of $7.87 per ADS, or 47.5%, over two consecutive trading days, and 59.06% below the $21.25 per ADS IPO price.
As of the time the complaint was filed, the price of Molecular Partners’ ADS’s continued to trade below the $21.25 per ADS IPO price, damaging investors.
PLEASE CLICK HERE TO JOIN CASE
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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