Case Summary

AlloVir

NASDAQ : ALVR

Case Details

  • Zerbato v. AlloVir, Inc. et al.
  • Class Period:March 22, 2022 - December 21, 2023
  • Date Filed:January 19, 2024
  • Jurisdiction:U.S. District Court, District of Massachusetts
  • Docket Number: 1:24-cv-10152
  • Lead Plaintiff Deadline: March 19, 2024
Days Left to
Seek Plaintiff
26

Overview

A class action lawsuit has been filed against AlloVir, Inc., (“AlloVir” or the “Company”) (NASDAQ: ALVR) and certain of the Company’s current and former senior executive officers alleging violations of the Securities Exchange Act of 1934. The lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired publicly traded AlloVir securities between March 22, 2022, and December 21, 2023, both dates inclusive (the “Class Period”) and investors have until March 19, 2024, to seek appointment as lead plaintiff of the AlloVir class action lawsuit.

AlloVir, a clinical-stage cell therapy company, engages in the research and development of allogeneic, off-the-shelf multi-virus specific T cell (“VST”) therapies to prevent and treat devastating viral-associated diseases. In March 2022, AlloVir initiated global phase 3 registrational studies of its lead product posoleucel for the prevention of life-threatening viral infections from viruses in high-risk, allogeneic hematopoietic cell transplant patients (the “posoleucel Phase 3 Studies”).

The lawsuit alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the posoleucel Phase 3 Studies were unlikely to meet their primary endpoints; (2) as a result, it was likely that the Company would ultimately discontinue the posoleucel Phase 3 studies; (3) accordingly, AlloVir overstated the efficacy and clinical and/or commercial prospects of posoleucel; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times. On December 22, 2023, AlloVir announced that it was discontinuing the posoleucel Phase 3 studies over efficacy concerns and stated that it would explore strategic alternatives for the Company. Specifically, AlloVir said it was discontinuing the posoleucel Phase 3 studies after pre-planned analyses concluded they wouldnt meet their primary endpoints. On this news, AlloVir’s stock price fell $1.57 per-share, or 67.38%, to close at $0.76 per-share on December 22, 2023.

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If you purchased or otherwise acquired publicly traded AlloVir (NASDAQ: ALVR) securities between March 22, 2022, and December 21, 2023, both dates inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the AlloVir lawsuit is March 19, 2024.

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