SAN DIEGO, Dec. 30, 2024 /PRNewswire/ — Robbins LLP informs investors that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired Caribou Biosciences, Inc. (NASDAQ: CRBU) securities between July 14, 2023 and July 16, 2024. Caribou is a clinical-stage biopharmaceutical company that purports to develop genome-edited allogeneic cell therapies for the treatment of hematologic malignancies in the U.S. and internationally.
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The Allegations: Robbins LLP is Investigating Allegations that Caribou Biosciences, Inc. (CRBU) Misled Investors Regarding the Efficacy of its Lead Drug Candidate
According to the complaint, during the class period, defendants failed to disclose that: that: (i) they had overstated CB-010’s safety, efficacy, and durability relative to approved autologous CAR-T cell therapies in treating patients with r/r B-NHL and/or LBCL, as well as CB-010’s overall clinical
results and commercial prospects; (ii) Caribou was at significant risk of having insufficient cash, liquidity, and/or other capital to fund its current business operations, including preclinical research activities associated with the allogeneic CAR-NK platform; and (iii) all the foregoing was likely to have a significant negative impact on Caribou’s business and operations.
The complaint alleges that on June 2, 2024, Caribou issued a press release announcing that it had “presented updated clinical data from the ongoing ANTLER Phase 1 trial that [purportedly] indicates a single dose of CB-010 . . . has the potential to rival the safety, efficacy, and durability of approved autologous CAR-T cell therapies.” In response, Evercore ISI analysts downgraded Caribou stock to “in line” and dropped their price target to $3.00 from $13. On this news, Caribou’s stock price fell 25.52%, to close at $2.145 per share on June 3, 2024.
The complaint further alleges that on July 16, 2024, Caribou disclosed in an SEC filing that it had “discontinued preclinical research activities associated with its allogeneic CAR-NK platform and reduced its workforce by 21 positions, or approximately 12%”, explaining that “[t]he Company is undertaking this reduction to extend its cash runway”. On this news, Caribou’s stock price fell 3.3%, to close at $2.64 per share on July 17, 2024.
What Now: You may be eligible to participate in the class action against Caribou Biosciences, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 24, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.
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SOURCE Robbins LLP
