The Class: Robbins LLP informs investors that a shareholder filed a class action on behalf of all purchasers of Invivyd, Inc. (NASDAQ: IVVD) f/k/a Adagio Therapeutics, Inc. common stock between November 29, 2021 and December 14, 2021, for violations of the Securities Exchange Act of 1934. Invivyd, Inc. is a clinical-stage biopharmaceutical company that during the class period was focused on developing a monoclonal antibody (“mAb”) therapy for the prevention and treatment of COVID-19. The Company formed in June 2020, during some of the worst days of the pandemic, to develop drugs for the treatment and prevention of COVID-19 and future coronavirus outbreaks.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Invivyd. Shareholders who want to act as lead plaintiff for the class must file their papers by April 3, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
What is this Case About: Invivyd, Inc. misled the public regarding the viability and efficacy of its lead drug candidate ADG20 and the drug's ability to neutralize the COVID-19 Omicron variant.
According to the complaint, during the class period, defendants touted its lead product candidate ADG20 as "a potent, long-acting and broadly neutralizing antibody for both the treatment and prevention of COVID-19 as either a single or combination agent.” At the time of the Company's initial public offering in August 2021, it claimed ADG20 had demonstrated “neutralizing activity in vitro against common circulating SARS-CoV-2 variants,” including the Alpha, Beta, Gamma, and Delta variants. When the World Health Organization designated Omicron a VOC in November 2021, Invivyd issued a press release announcing that ADG20 would be effective against the Omicron variant. These statements had their intended effect, as the price of Invivyd common stock skyrocketed from $25.12 per share on November 26, 2021 to $46.83 per share on November 29, 2021, an increase of over 86%.
However, on December 14, 2021, Invivyd revealed in vitro results of ADG20 against the Omicron variant, which showed that ADG20 was 300 times less effective at neutralizing Omicron than it was against the other variants. The Company admitted that the results showed that ADG20 did not work against Omicron. On this news, Invivyd's price plummeted from $34.26 per share on December 13, 2021, to $7.26 per share on December 14, 2021, a nearly 80% decline. By December 15, 2021, the stock price had fallen even lower to just $5.57 per share. Now, the Company's stock trades at just around $2.00 per share.
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