SAN FRANCISCO, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Acelyrin, Inc. (NASDAQ: SLRN) investors who suffered substantial losses to submit your losses now.
Class Period: May 4, 2023 – Sept. 11, 2023
Lead Plaintiff Deadline: Jan. 16, 2024
Visit: www.hbsslaw.com/investor-fraud/SLRN
Contact An Attorney Now: SLRN@hbsslaw.com
844-916-0895
Acelyrin, Inc. (NASDAQ: SLRN) Securities Fraud Class Action:
“The litigation focuses on whether Acelyrin may have misrepresented or concealed data that did not support the hypothesized benefits of izokibep,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
Recently, on Nov. 27, 2023, Acelyrin announced that it will be conducting a comprehensive review of the development program for izokibep after it discovered critical dosing errors committed by contract research organization (CRO) Fortrea.
The announcement comes on the heels of a securities class action lawsuit filed on Nov. 15. The complaint there alleges that Acelyrin mispresented and omitted to disclose that: (1) izokibep was less effective in treating HS than the company had led investors to believe; (2) accordingly, Acelyrin overstated izokibep’s clinical and/or commercial prospects; and (3) as a result, Acelyrin had overstated its business prospects.
The complaint alleges investors learned the truth on Sept. 11, 2023, when Acelyrin announced disappointing top-line results from Part B of the Phase 2b/3 trial evaluating izokibep for the treatment of moderate to severe HS. The company said izokibep was unable to significantly outperform placebo in terms of 16-week HiSCR75 score, a measure that represents at least a 75% reduction in disease markers.
On this news, Acelyrin’s shares dropped by as much as 64%.
The clinical trial “execution errors” Acelyrin disclosed two weeks after the securities suit was filed purportedly affected a psoriatic arthritis trial of izokibep. According to Acelyrin, a vendor engaged by the CRO had incorrectly programmed the proper dosing sequence, an error that further went undetected during the testing process.
As a result of the CRO and the vendor’s oversight, “some patients in the 160mg Q2W and 80mg Q4W arms received placebo and active treatment in random order rather than in an alternating pattern as intended,” Acelyrin stated.
“Based on the Company’s Nov. 27 disclosures, we are investigating whether the alleged fraudulent period should be extended,” said Kathrein.
If you invested in Acelyrin and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Acelyrin case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Acelyrin should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SLRN@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895
