Altimmune, Inc. Class Action Lawsuit - ALT

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Case Summary

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The Altimmune class action lawsuit seeks to represent purchasers or acquirers of Altimmune, Inc. (NASDAQ: ALT) securities between December 1, 2023 and April 26, 2024, inclusive (the “Class Period”).  Captioned Mogan v. Altimmune, Inc., No. 24-cv-01315 (D. Md.), the Altimmune class action lawsuit charges Altimmune and certain of Altimmune’s top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Altimmune class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Altimmune class action lawsuit must be filed with the court no later than July 5, 2024.

CASE ALLEGATIONS: Altimmune is a clinical stage biopharmaceutical company that focuses on developing treatments for obesity and liver diseases.  Altimmune’s lead product candidate is pemvidutide, a glucagon-like peptide-1 (“GLP-1”) agonist for the treatment of obesity and metabolic dysfunction-associated steatohepatitis.

The Altimmune class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Altimmune overstated the potential for pemvidutide to stand out from competing GLP-1 agonists based on the drug’s efficacy and tolerability results observed in the MOMENTUM Trial; (ii) accordingly, the MOMENTUM Trial results were less significant to pemvidutide’s clinical, commercial, and competitive prospects than defendants had led investors to believe; and (iii) as a result, defendants overstated Altimmune’s prospects for finding a strategic partner to develop pemvidutide.

The Altimmune class action lawsuit further alleges that on February 13, 2024, Kerrisdale Capital published a report alleging that “a deeper examination of Altimmune’s data reveals a drug with little chance of competing against either the approved incumbents or the other GLP-1 agonists progressing through clinical trials.”  On this news, the price of Altimmune stock fell nearly 19%, according to the complaint.

Then, on April 29, 2024, the complaint further alleges that Bloomberg published an article entitled “Altimmune Down as Guggenheim Sees Overhang in No Partnership,” reporting that “Guggenheim Securities downgraded [Altimmune’s] stock to neutral from buy saying [a] partnership for the biotech’s lead asset pemvidutide look[s] ‘increasingly unlikely.’”  On this news, the price of Altimmune stock fell nearly 12%, according to the Altimmune class action lawsuit. 

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Altimmune securities during the Class Period to seek appointment as lead plaintiff in the Altimmune class action lawsuit.  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 Altimmune class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Altimmune class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Altimmune class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 10 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.

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