SAN DIEGO, February 3, 2023 /PRNewswire/ — Robbins Geller Rudmann & Dowd LLP announces that it has filed a class action lawsuit seeking to represent purchasers of common stock of Invivyd, Inc. f/k/a Adagio Therapeutics, Inc. (NASDAQ: IVVD) between November 29, 2021 And December 14, 2021, inclusive (the “Class Period”). Subtitle Brill vs. Invivyd, Inc.no. 23-cv-10254 (D. Mass.), the Invivyd The class action accuses Invivyd and some of its top executives of violating the Securities Exchange Act of 1934.
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You can also contact a lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing [email protected]. Principal Applicant’s Requests for Invivyd class action must be filed with the court no later than April 3, 2023.
CASE ALLEGATIONS: Invivyd formed in June 2020, during some of the worst days of the pandemic, to develop drugs for the treatment and prevention of COVID-19 and future coronavirus outbreaks. During the Class Period, Invivyd focused on the development of ADG20, an investigational monoclonal antibody treatment for COVID-19. In September 2022Adagio has announced the change of its corporate name to Invivyd.
But as the Invivyd The Class Action alleges that Defendants throughout the Class Period failed to disclose that: (i) the published epitope mapping, structural studies, and sequence analyzes that Defendants used to assert that ADG20 was effective against the Omicron variant were insufficient, unreliable, and inadequate to claim efficacy of ADG20 against Omicron; (ii) that the defendants’ claims regarding the efficacy of ADG20 against Omicron lacked a reasonable factual basis; and (iii) ADG20 was more than 300 times less effective against the Omicron variant compared to its effectiveness against previous variants.
On December 14, 2021Invivyd issued a press release noting in vitro ADG20 results against the Omicron variant. In doing so, just weeks after assuring investors of the effectiveness against Omicron, Invivyd announced that “[t]he in vitro data generated by authentic and pseudoviral testing of the Omicron variant show a more than 300-fold reduction in the neutralizing activity of ADG20 against Omicron.” In other words, Invivyd revealed that the data showed that the ADG20 was 300 times less effective at neutralizing Omicron than it was against the other variants. Simply put, Invivyd admitted that the results showed that ADG20 did not work against Omicron. Invivyd Co-Founder, Director and CEO , defendant Tillman U. Gerngross explained: “While the individual mutations present in . . . Omicron . . . were not associated with ADG20 leakage in the context of an original strain of the virus, new data show that the combination of mutations present in the Omicron spike protein led to a reduction in ADG20 neutralization that was not suggested by previous data.” At this news, Invivyd’s share price fell nearly 80%, hurting investors.
The plaintiff is represented by Robbins Geller, who extensive experience in pursuing investor class actions, including actions involving financial fraud. You can view a copy of the complaint by clicking here.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased shares of Invivyd common stock during the Class Period to seek appointment as lead plaintiff in the Invivyd class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the relief sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the Invivyd class action. The main plaintiff can select a law firm of his choice to plead Invivyd class action. An investor’s ability to participate in any potential future upturn in the Invivyd the class action does not depend on the status of principal plaintiff.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked #1 in the most recent ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other company from the plaintiffs. With 200 attorneys in 9 offices, Robbins Geller is one of the largest plaintiffs firms in the world, and the firm’s attorneys have secured many of the largest securities class action recoveries in history, including the most largest ever securities class action recovery – $7.2 billion – In In re Enron Corp. Dry. Litigation Please visit the following page for more information:
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Robbins Geller Rudman & Dowd LLP
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JC Sanchez, 800-449-4900
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