NEW YORK, Aug. 03, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Bolt Biotherapeutics, Inc. (“Bolt” or the “Company”) (NASDAQ: BOLT) and certain officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 24-cv-03985, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Bolt securities between February 5, 2021 and May 14, 2024, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired Bolt securities during the Class Period, you have until September 3, 2024 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Bolt, 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’s 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.”
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) BDC-1001 was less effective than the Company had represented to investors and was in fact unlikely to meet its pre-defined success criteria; (ii) 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; (iii) all of the foregoing subjected the Company to a heightened risk of disruptive leadership transitions and substantial workforce reduction; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On May 14, 2024, issued a press release announcing that the Company 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.
On this news, Bolt’s stock price fell $.49 per share, or 37.12%, to close at $0.83 per share on May 15, 2024.
As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
