Bronstein, Gewirtz & Grossman LLC announces that Gritstone bio, Inc. investors who have suffered significant losses have the option to file a class action lawsuit!

NEW YORK, June 11, 2024 /PRNewswire/ — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that it has filed a class action lawsuit against Gritstone bio, Inc. (“Gritstone” or the “Company”) ( NASDAQ: GRTS) and certain of its officers.

Class definition:

The purpose of this lawsuit is to recover damages from the defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Gritstone securities between March 9, 2023AND February 29, 2024inclusive (the “Class Period”). We encourage such investors to join this cause by visiting the company’s website: bgandg.com/GRTS.

Case details:

According to the complaint, Gritstone is a clinical-stage biotechnology company that is developing potential vaccine-based immunotherapies for cancer and infectious diseases.

IN September 2023According to the complaint, Gritstone contracted with the Biomedical Advanced Research and Development Authority (“BARDA”) to conduct a 10,000-participant randomized phase of the trial 2b a double-blind study to compare the efficacy, safety and immunogenicity of a Covid-19 vaccine candidate (samRNA vaccine candidate) with an approved Covid-19 vaccine (“Phase 2b CORAL Study” or “Study”). In the press release announcing Phase 2b CORAL Study, the Company stated that the agreement “provides strong validation of (its) innovative vaccine platform in infectious diseases”, that the execution of the study will be fully funded by BARDA, and that the study is expected to commence in the first quarter of 2024.

The complaint claims that throughout the Term, Gritstone made false and misleading statements regarding the Company’s business, operations and prospects. Specifically, Gritstone made false and/or misleading statements and/or failed to disclose that:

(1) The Company would not be able to launch the Stage 2b The CORAL study in the time horizon it represented for investors;

(2) the foregoing would hamper Gritstone’s ability to obtain external financing in connection with the Study, thereby adversely affecting Gritstone’s ability to maintain its balance sheet and cash position;

(3) therefore, Gritstone overestimated its ability to successfully develop and commercialize its products; AND

(4) as a result, the Company’s public statements were materially false and misleading at all material times.

According to the complaint, the truth began to emerge that day February 12, 2024, when Gritstone issued a press release announcing that the company was delaying the start of the study until fall 2024 to supposedly “enable the use of fully GMP-compliant raw materials in the vaccine, which is expected to increase the regulatory utility of the study.” Then continue February 29, 2024Gritstone issued a press release in which it “announces a reduction in employment of approximately 40%,” stating that “this move follows the recently announced delay of the proposed CORAL phase 2b study, which resulted in Gritstone not receiving previously anticipated external financing beginning in Q1 2024 related to the initiation of the study.”

Following this news, Gritstone’s share price fell $0.78 per share, or 27.86%, to close at $2.02 per share March 1, 2024.

Therefore, Complaint claims that as a result of Gritstone’s unlawful acts and omissions and the sharp decline in the market value of the Company’s securities, investors have suffered significant losses and damages.

What’s next?

A class action lawsuit has already been filed. If you would like to review a copy of the Complaint, you may visit the Company’s website: bgandg.com/GRTS or contact Peretz Bronstein, Esq. or his Customer Relations Manager, Nathan Miller, Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you have suffered a loss at Gritstone, you have until August 6, 2024to ask the Court to appoint you as lead plaintiff. Your ability to share in any recovery does not require you to be a lead plaintiff.

There are no costs for you

We represent investors in class action proceedings for a contingency fee. This means that we will only ask the court for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total amount recovered, if we win.

Why Bronstein, Gewirtz and Grossman:

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm representing securities investors fraud shareholder class action and derivative actions. Our company has recovered hundreds of millions of dollars for investors across the country.

Attorney advertising. Past performance does not guarantee similar results.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Perez Bronstein Or Nathan Miller
332-239-2660 | (email protected)

SOURCE Bronstein, Gewirtz & Grossman, LLC