GRTS INVESTOR ALERT: 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/ — Advertising Attorney — 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:

This lawsuit seeks to recover damages from 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, 2023 and February 29, 2024, inclusive ( “Collective 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.

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

The complaint alleges that throughout the term of the agreement, 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 will not be able to commence the Phase 2b CORAL Study on the date it has presented to 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 on February 12, 2024, when Gritstone issued a press release announcing that the Company was delaying the initiation of the Study until the fall of 2024 to allegedly “enable the use of fully compliant raw materials in production.” with GMP. vaccine, which is expected to increase the regulatory utility of the study.” Gritstone then issued a press release on February 29, 2024 in which it “announces (announces) a reduction in its workforce of approximately 40%,” stating that “this move comes in conjunction with the recently announced delay of the proposed Phase 2b CORAL trial, which has resulted in Gritstone has not received previously anticipated external financing beginning in Q1 2024 related to the initiation of the study.”

On this news, the Gritstone share price fell by $0.78 per share, or 27.86%, to close at $2.02 per share on March 1, 2024.

Therefore, the complaint alleges 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 firm’s website: bgandg.com/GRTS or contact Peretz Bronstein, Esq. or its Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you have suffered a loss at Gritstone, you have until August 6, 2024 to file a motion to have the Court 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 investors in securities fraud class actions and shareholder 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
Perec Bronstein or Nathan Miller
332-239-2660 | [email protected]

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