Shareholder rights law firm Robbins LLP is investigating the officers and directors of Molecular Partners AG (NASDAQ: MOLN) to determine whether they breached fiduciary duties or violates securities laws in connection with statements made in connection with the Company's initial public offering ("IPO") relating to the commercial prospects of the Company's drug candidates. Molecular Partners operates a clinical-stage biopharmaceutical company that focuses on the discovery, development, and commercialization of therapeutic proteins.
If you would like more information about our investigation of Molecular Partners AG's misconduct, click here.
What is this Case About: According to a complaint filed against Molecular Partners, leading up to and following the IPO, Molecular Partners touted the clinical and commercial prospects of certain of its product candidates under development in collaboration with other companies. Two of these products include ensovibep as a treatment for COVID-19 in collaboration with Novartis AG, and MP0310 (AMG 506) for the treatment of certain types of cancer in collaboration with Amgen, Inc.
Molecular Partners held its IPO in June 2021, offering its ADSs at the IPO price of $21.25 per ADS. However, the documents in support of the IPO were negligently prepared. Specifically, defendants failed to disclose that ensovibep was less effective in treating COVID-19 than defendants led investors to believe, and therefore, the FDA would require an additional trial before granting the drug emergency use authorization. Waning global rates of COVID-19 also significantly reduced the Company's chances of securing emergency approval. Further, the product candidate MP0310 was less attractive to Amgen than defendants led investors to believe, increasing the likelihood Amgen would return global rights of MP0310 to Molecular Partners, which it did in June 2022.
At each announcement of these setbacks, Molecular Partners' ADS price declined. The stock now trades significantly lower than its IPO price.
Next Steps: If you acquired shares of Molecular Partners AG (MOLN) ADSs pursuant to the Company's IPO or between June 16, 2021 and April 26, 2022, you have legal options. Contact Robbins LLP for more information.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Molecular Partners AG settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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