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Longeveron Inc. Class Action Lawsuit - LGVN

Company Name
Longeveron Inc.
Stock Symbol
LGVN
Class Period
February 12, 2021 to August 12, 2021
Motion Deadline
November 12, 2021
Court
Southern District of Florida
49 days left to seek lead plaintiff status

Case Summary

The Longeveron class action lawsuit charges Longeveron Inc. (NASDAQ: LGVN) and certain of its executives and directors with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.  The Longeveron class action lawsuit seeks to represent purchasers of: (a) Longeveron Class A common stock pursuant and/or traceable to the offering documents issued in connection with Longeveron’s initial public offering conducted on or about February 12, 2021 (the “IPO”); and/or (b) Longeveron securities between February 12, 2021 and August 12, 2021, inclusive (the “Class Period”).  The Longeveron class action lawsuit was commenced on September 13, 2021 in the Southern District of Florida.

If you wish to serve as lead plaintiff of the Longeveron class action lawsuit, please provide your information by clicking here.  You can also contact attorney Michael Albert of Robbins Geller by calling 800/449-4900 or via e-mail at malbert@rgrdlaw.com.  Lead plaintiff motions for the Longeveron class action lawsuit must be filed with the court no later than November 12, 2021.

CASE ALLEGATIONS: Longeveron is a clinical stage biotechnology company that engages in developing cellular therapies for aging-related and life-threatening conditions.  Longeveron is conducting, among other trials, a Phase 2b trial of its Lomecel-B product for aging frailty (the “Phase 2b Aging Frailty Trial”).  The Phase 2b Aging Frailty Trial’s primary efficacy endpoint is the change from baseline in the six-minute walk test at six months (or 180 days) for Lomecel-B subjects compared to placebo subjects.

The Longeveron class action lawsuit alleges that the offering documents and defendants made false and/or misleading statements and/or failed to disclose that: (i) Lomecel-B was not as effective in treating aging frailty as defendants had led investors to believe; (ii) accordingly, Lomecel-B’s clinical and commercial prospects with respect to aging frailty were overstated; and (iii) as a result, the offering documents and defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.

On August 13, 2021, Longeveron issued two press releases—one announcing topline results of the Phase 2b Aging Frailty Trial, and a second providing a corporate update and reporting Longeveron’s financial results for the second quarter of 2021.  Both press releases disclosed, among other results, that Lomecel-B had “not achiev[ed] . . . statistical significance for the pairwise comparison to placebo” with respect to the primary efficacy endpoint.  On this news, Longeveron’s stock price fell nearly 28%, damaging investors.

As of the time the Longeveron class action lawsuit was initiated, Longeveron’s stock price continues to trade below the $10.00 per share IPO price, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Longeveron Class A common stock pursuant and/or traceable to the offering documents issued in connection with Longeveron’s IPO and/or Longeveron securities during the Class Period to seek appointment as lead plaintiff in the Longeveron 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 Longeveron class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Longeveron class action lawsuit.  An investor’s ability to share in any potential future recovery of the Longeveron class action lawsuit is not dependent upon serving as lead plaintiff. 

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions.  Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm.

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