Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed against Solid Biosciences Inc. in the United States District Court for the District of Massachusetts
LEAD PLAINTIFF DEADLINE IS MAY 29, 2018
NEW YORK, April 06, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Solid Biosciences Inc. (“Solid Biosciences” or the “Company”) (NASDAQ:SLDB) and certain of its officers in United States District Court for the District of Massachusetts.
The filed lawsuit is on behalf of a class consisting of investors who purchased or otherwise acquired Solid’s securities:
- pursuant and/or traceable to Solid’s false and misleading Registration Statement and Prospectus, issued in connection with the Company’s initial public offering on or about January 25, 2018 (the “IPO” or the “Offering”); and/or
- on the open market between January 25, 2018 and March 14, 2018, both dates inclusive (the “Class Period”).
Investors who have incurred losses in shares of Solid Biosciences Inc. may contact the firm at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the firm on our website, www.whafh.com .
Solid Biosciences is a biotechnology company that purportedly develops therapies and devices for patients with duchenne muscular dystrophy (DMD). The Company’s lead product candidate, SGT-001, is a gene transfer under development to restore functional dystrophin protein expression in patients’
muscles. The Company’s therapy uses adeno-associated virus (AAV) to deliver the transgene into the patient.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
- Solid Biosciences’ lead drug candidate SGT-001 had a high likelihood of causing adverse events in patients;
- Solid Biosciences misled investors regarding the toxicity of SGT-001; and
- as a result of the foregoing, Solid Biosciences’ public statements were materially false and misleading at all relevant times.
On January 30, 2018, a report entitled “Severe Toxicity in Nonhuman Primates and Piglets Following High-Dose Intravenous Administration of an Adeno-Associated Virus Vector Expressing Human SMN,” was published by prominent scientists, including researcher James Wilson (“Wilson”). The report revealed safety concerns linked to high doses of gene therapies using an adeno-associated virus (AAV). Wilson resigned from the scientific advisory board at Solid Biosciences shortly before the Company’s IPO, citing “emerging concerns about the possible risks of high systemic dosing of AVV.”
On this news, Solid Biosciences’ share price fell $1.20, or 5.06%, to close at $22.50 per share on January 30, 2018.
On March 14, 2018, post-market, Solid Biosciences issued a press release entitled “Solid Biosciences Announces Clinical Hold On SGT-001 Phase I/II Clinical Trial for Duchenne Muscular Dystrophy,” announcing that the U.S. Food and Drug Administration (FDA) had placed a clinical hold on the Company’s study of SGT-001, a treatment for Duchenne muscular dystrophy, after a patient experienced an unexpected adverse reaction.
On this news, Solid Biosciences’ share price fell $16.99, or 64.57%, to close at $9.32 on March 15, 2018.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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