Philadelphia, Pennsylvania--(Newsfile Corp. - November 17, 2023) - Berger Montague advises investors that a securities fraud class action lawsuit has been filed against ACELYRIN, Inc. ("Acelyrin") (NASDAQ: SLRN) on behalf of purchasers of Acelyrin's securities between May 4, 2023 and September 11, 2023, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired Acelyrin securities during the Class Period may, no later than January 16, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (267) 637-3176, or Andrew Abramowitz at [email protected] or (215) 875-3015 or CLICK HERE.
Acelyrin is a clinical biopharma company that focuses on developing and commercializing transformative medicines. The company's lead product candidate is izokibep, a small protein therapeutic for use in the treatment of moderate to severe Hidradenitis Suppurativa ("HS").
The Class Period commences on May 4, 2023, when the company's initial public offering was completed and Acelyrin's common stock began publicly trading on the NASDAQ. The complaint alleges that throughout the Class Period, the defendants touted izokibep's effectiveness in treating HS.
However, the truth was revealed on September 11, 2023, after the markets closed, when Acelyrin issued a press release entitled "ACELYRIN, INC. Announces Top-Line Results from Placebo-Controlled Clinical Trial of Izokibep for Moderate-to-Severe Hidradenitis Suppurativa," which stated that the "primary endpoint of HiSCR75 at week 16 did not meet statistical significance."
Following this news, Acelyrin's stock price fell $17.19 per share, or 61.61%, over the following two trading sessions, to close at $10.71 per share on September 13, 2023.
According to the complaint and throughout the Class Period, the defendants failed to disclose that: (i) izokibep was less effective in treating HS than defendants had led investors to believe; (ii) accordingly, Acelyrin overstated izokibep's clinical and/or commercial prospects; and (iii) as a result, Acelyrin also overstated the company's business prospects post-IPO.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
James Maro, Senior Counsel
Andrew Abramowitz, Senior Counsel
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