SAN DIEGO, July 16, 2022 /PRNewswire/ — The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Molecular Partners AG (NASDAQ: MOLN): (a) American Depositary Shares (“ADSs”) pursuant and/or traceable to the offering documents issued in connection with Molecular Partners’ initial public offering conducted on or about June 16, 2021 (the “IPO”); and/or (b) securities between June 16, 2021 and April 26, 2022, inclusive (the “Class Period”) have until September 12, 2022 to seek appointment as lead plaintiff in the Molecular Partners class action lawsuit. The Molecular Partners class action lawsuit – captioned Freudiger v. Molecular Partners AG, No. 22-cv-05925 (S.D.N.Y.) – charges Molecular Partners as well as certain of its top executive officers and directors with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff, please submit your information here:
CASE ALLEGATIONS: Molecular Partners is developing, among other products, ensovibep as a treatment for COVID-19 in collaboration with Novartis AG. One of Molecular Partners’ most important development strategies for ensovibep includes securing Emergency Use Authorization (“EUA”) for ensovibep from the U.S. Food and Drug Administration (“FDA”). Additionally, Molecular Partners is developing MP0310 (AMG 506) for the treatment of certain types of cancer in collaboration with Amgen Inc. Molecular Partners granted Amgen, among other licenses, the right to progress MP0310’s development program into later stage development, including into combination trials, following Phase 1 data.
Molecular Partners via its June 2021 IPO issued 3 million of its ADSs to the public at the price $21.25 per ADS, for proceeds to Molecular Partners of over $59 million, after underwriting discounts and commissions, and before expenses.
As the Molecular Partners class action lawsuit alleges, the IPO’s offering documents and defendants made false and/or misleading statements and/or failed to disclose that: (i) ensovibep was less effective at treating COVID-19 than defendants had led investors to believe; (ii) accordingly, the FDA was reasonably likely to require an additional Phase 3 study of ensovibep before granting the drug EUA; (iii) waning global rates of COVID-19 significantly reduced Molecular Partners’ chances of securing EUA for ensovibep; (iv) as a product candidate, MP0310 was less attractive to Amgen than defendants had led investors to believe; (v) accordingly, there was a significant likelihood that Amgen would return global rights of MP0310 to Molecular Partners; (vi) and as a result, the clinical and commercial prospects of ensovibep and MP0310 were overstated.
On November 16, 2021, Molecular Partners disclosed that “a planned futility analysis of ensovibep in [an] ongoing [Phase 3] clinical study . . . has not met the thresholds required to continue enrollment of adults with COVID-19 in the hospitalized setting.” On this news, Molecular Partners’ ADS price fell by more than 31%.
Then, on April 26, 2022, months after applying for EUA from the FDA for ensovibep, Novartis’ CEO disclosed that “given the latest feedback . . . in our discussions with the [FDA], we would expect the agency to require a Phase 3 study before granting an EUA approval or a general approval” for ensovibep, and that “we need to make a kind of sober evaluation as to is it a doable study in light of the waning rates of COVID around the world.” Later that day after the market close, Molecular Partners further “announced that Amgen . . . has informed [Molecular Partners] of their decision to return global rights of MP0310 to Molecular Partners following a strategic pipeline review.” On this news, Molecular Partners’ ADS price fell by more than 47%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Molecular Partners ADSs during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Molecular Partners class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Molecular Partners class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Molecular Partners class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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SOURCE Robbins Geller Rudman & Dowd LLP