Case Summary

Altimmune

NASDAQ: ALT

Case Details

  • Mogan v. Altimmune, Inc. et al.
  • Class Period:December 1, 2023 - April 26, 2024
  • Date Filed:May 06, 2024
  • Jurisdiction:U.S. District Court, District of Maryland
  • Docket Number: 8:24-cv-01315
  • Lead Plaintiff Deadline: July 5, 2024
Days Left to
Seek Plaintiff
41

Overview

A class action lawsuit has been filed against Altimmune, Inc. (“Altimmune” or the “Company”) (NASDAQ: ALT) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws.  The Altimmune class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Altimmune securities between December 1, 2023, and April 26, 2024, both dates inclusive (the “Class Period”).  Investors have until July 5, 2024, to seek appointment as lead plaintiff of the Altimmune class action lawsuit.

Altimmune is a clinical stage biopharmaceutical company that focuses on developing treatments for obesity and liver diseases.  The Company’s lead product candidate is pemvidutide, a glucagon-like peptide-1 (“GLP-1”) agonist for the treatment of obesity and metabolic dysfunction-associated steatohepatitis (“MASH”).  GLP-1 agonists are medications that help lower blood sugar levels and promote weight loss.

The lawsuit alleges that on November 30, 2023, Altimmune announced topline results from its 48-week MOMENTUM Phase 2 trial evaluating pemvidutide for the treatment of obesity (the “MOMENTUM Trial”).  According to the Company, at week 48, subjects receiving pemvidutide achieved mean weight losses of 10.3%, 11.2%, 15.6% and 2.2% at the 1.2 mg, 1.8 mg, and 2.4 mg doses and placebo, respectively, with a near-linear trajectory of continued weight loss observed on the 2.4 mg dose at the end of treatment.  According to the lawsuit, Altimmune touted the significance of these results to pemvidutide’s clinical and commercial prospects as they purportedly evidenced the drug’s viability to compete with other GLP-1 agonists targeting weight-loss.  Pemvidutide’s ability to compete with other GLP-1 agonists targeting weight-loss was particularly important to analysts and investors given the Company’s need to establish a strategic partnership with, or otherwise be acquired by, more established biopharmaceutical companies with the cash and capital needed to ensure funding for the drug’s future.

The Altimmune lawsuit alleges that Defendants, throughout the Class Period, 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: (1) Altimmune overstated the potential for pemvidutide to stand out from competing GLP-1 agonists based on the drug’s efficacy and tolerability results observed in the MOMENTUM Trial; (2) accordingly, the MOMENTUM Trial results were less significant to pemvidutide’s clinical, commercial, and competitive prospects than Defendants had led investors to believe; (3) as a result of all the foregoing, Defendants had overstated Altimmune’s prospects for finding a strategic partner to develop pemvidutide; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.

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If you purchased or otherwise acquired Altimmune securities between December 1, 2023 and April 26, 2024, both dates inclusive, 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 Altimmune lawsuit is July 5, 2024.

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