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SHAREHOLDER ALERT: Pomerantz Law Firm reminds shareholders facing losses on their investment in Gritstone bio, Inc. to the class action lawsuit and upcoming deadlines

NEW YORK, June 15, 2024 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Gritstone bio, Inc. (“Gritstone” or the “Company”) (NASDAQ: GRTS) and certain officers. The class action, filed the United States District Court for the Northern District of Californiaand registered under 24-cv-03449, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired Gritstone securities between March 9, 2023 And February 29, 2024both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 pursuant to that decision promulgated against the Company and certain of its top officers.

If you are a shareholder who purchased or otherwise acquired Gritstone securities during the Class Period, you have up to August 6, 2024 to ask the court to appoint you as lead plaintiff for the class. You can obtain a copy of the complaint at www.pomerantzlaw.com. Please contact us to discuss this promotion Danielle Peyton bee (email protected) or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those inquiring by email are encouraged to include their mailing address, telephone number and the number of shares purchased.

(Click here for information about joining the class action)

Gritstone, a clinical-stage biotechnology company, is developing vaccine-based immunotherapy candidates against cancer and infectious diseases.

In September 2023, Gritstone contracted with the Biomedical Advanced Research and Development Authority (“BARDA”) to host a randomized phase of 10,000 participants. 2b double-blind study to compare the efficacy, safety and immunogenicity of its COVID-19 vaccine candidate (a 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 vaccine platform in the field of infectious diseases,” that the conduct of the study would be fully funded by BARDA, and that the study is expected to be completed in the first quarter of would start. from 2024.

Throughout the Class Period, Defendants made materially false and misleading statements about the Company’s business, operations, and prospects. In particular, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company would be unable to initiate the Phase 2b CORAL Study in the time frame it had represented to investors; (ii) the foregoing would impair Gritstone’s ability to obtain external financing in connection with the Research, thereby adversely affecting Gritstone’s ability to maintain its balance sheet and cash position; (iii) accordingly, Gritstone overestimated its ability to successfully develop and commercialize its products; (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On 12th of FebruaryIn 2024, Gritstone issued a press release announcing that the company was delaying the launch of the study until fall 2024 to supposedly “enable the use of fully GMP-compliant raw materials in the vaccine, which is expected to improve the regulatory utility of the study enlarge. “

Then, on February 29In 2024, Gritstone issued a press release stating an approx 40% reduction in workforce“, stating that “the move follows the recently announced delay of the proposed CORAL phase 2b study, which resulted in Gritstone not receiving external funding it previously expected from the first quarter of 2024, in connection with the start of the study.

This news caused Gritstone’s stock price to drop $0.78 per share, or 27.86%, to close $2.02 per share March 1, 2024.

As a result of Defendants’ wrongful acts and omissions and the sudden decline in the market value of the Company’s securities, Plaintiff and other Class Members have suffered significant losses and damages.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, ParisAnd Tel Aviv, is recognized as one of the premier firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of securities law victims. fraud, breaches of fiduciary duty and corporate misconduct. The company has recovered billions of dollars in damages on behalf of class members. See www.pomlaw.com.

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CONTACT:
Danielle Peyton
Pomerantz LLP
(email protected)
646-581-9980 ext. 7980

SOURCE Pomerantz LLP

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