Farooqui & Farooqui, Securities Litigation Partners LLP James (Josh) Wilson He encourages investors who have suffered losses exceeding $75,000 at Caribou to contact him directly to discuss their options
If you suffer losses exceeding $75,000 Ibex Between July 14, 2023 and July 16, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – January 1, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Caribou Biosciences, Inc. (“Caribou” or the “Company”) (NASDAQ: CRBU) and reminds investors of February 24, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) overstated the safety, efficacy, and durability of CB-010 relative to CAR cell therapies; -T autologous approved in the treatment of patients with r/r B-NHL and/or LBCL, as well as CB-010's overall clinical results and commercial prospects; (2) Caribou was exposed to a significant risk that it would not have sufficient cash, liquidity and/or other capital to fund its current business operations, including preclinical research activities associated with its allogeneic CAR-NK platform; and (3) all of the foregoing would likely have a material adverse effect on Caribou's business and operations.
On June 2, 2024, Caribou issued a press release announcing that it had “provided updated clinical data from the ongoing ANTLER Phase 1 trial that (allegedly) indicates a single dose of CB-010… has the potential to rival the safety, efficacy and durability of other cell therapies.” Certified autologous CAR-T.”
The next day, Evercore ISI (“Evercore”) analysts downgraded Caribou stock to “in line” and lowered their price target to $3.00 from $13.00, stating that they were “not yet convinced” that Caribou's treatment “will be competitive and wait until the end.” . Marginal until data in the first half of 2025.” In particular, Evercore analysts stated, among other things, that “[o]verall the efficacy of CB-010 in 2L (second-line) LBCL is not competitive versus autologous CAR-T with a lower response rate and significantly shorter PFS (progression-free survival),” while also noting additional safety risks of CB-010 and competition.
On this news, Caribou's stock price fell $0.735 per share, or 25.52%, to close at $2.145 per share on June 3, 2024.
Subsequently, on July 16, 2024, Caribou disclosed in a filing with the US Securities and Exchange Commission that it had “ceased preclinical research activities associated with its allogeneic CAR-NK platform and reduced its workforce by 21 positions, or approximately 12%.” Explaining that “(the company) is making this reduction to expand its cash runway.”
On this news, Caribou's stock price fell $0.09 per share, or 3.3%, to close at $2.64 per share on July 17, 2024.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Caribou's conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235675
