bluebird bio, Inc. Class Action Lawsuit
- Company Name
- bluebird bio, Inc.
- Stock Symbol
- Class Period
- May 11, 2020 to November 4, 2020
- Motion Deadline
- April 13, 2021
- Eastern District of New York
The bluebird bio, Inc. class action lawsuit charges bluebird and certain of its executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of bluebird securities between May 11, 2020 and November 4, 2020, inclusive (the “Class Period”). The bluebird class action lawsuit was commenced on February 12, 2021 in the Eastern District of New York and is captioned Leung v. bluebird bio, Inc., No. 21-cv-00777.
bluebird is a biotechnology company that engages in researching, developing, and commercializing transformative gene therapies for severe genetic diseases and cancer. The Company’s gene therapy programs include, among others, LentiGlobin (bb1111) for the treatment of sickle cell disease (“SCD”). In May 2020, in the midst of the COVID-19 pandemic, bluebird announced that bluebird expected to submit a U.S. Biologics Licensing Application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) for LentiGlobin for SCD in the second half of 2021.
The bluebird class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) data supporting bluebird’s BLA submission for LentiGlobin for SCD was insufficient to demonstrate drug product comparability; (ii) defendants downplayed the foreseeable impact of disruptions related to the COVID-19 pandemic on the Company’s BLA submission schedule for LentiGlobin for SCD, particularly with respect to manufacturing; (iii) as a result of all the foregoing, it was foreseeable that the Company would not submit the BLA for LentiGlobin for SCD in the second half of 2021; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 4, 2020, bluebird disclosed that it would no longer apply for FDA approval of its LentiGlobin product as a treatment for SCD in the second half of 2021 as expected. Instead, citing “feedback” from the FDA requiring the Company to provide additional data “to demonstrate drug product comparability” for LentiGlobin for SCD, “alongside COVID-19 related shifts and contract manufacturing organization COVID-19 impacts,” bluebird adjusted its submission timing to late 2022. On this news, bluebird’s stock price fell more than 16%, damaging invertors.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased bluebird securities during the Class Period to seek appointment as lead plaintiff in the bluebird 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 bluebird class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the bluebird class action lawsuit. An investor’s ability to share in any potential future recovery of the bluebird class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the bluebird class action lawsuit or have questions concerning your rights regarding the bluebird class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the bluebird class action lawsuit must be filed with the court no later than April 13, 2021.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.