RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been against Acelyrin, Inc. (“Acelyrin”) (NASDAQ: SLRN). The action charges Acelyrin with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Acelyrin’s materially misleading statements and omissions to the public, Acelyrin’s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR ACELYRIN LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/acelyrin-inc?utm_source=PR&utm_medium=link&utm_campaign=slrn&mktm=r
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LEAD PLAINTIFF DEADLINE: JANUARY 16, 2024
CLASS PERIOD: MAY 4, 2023 THROUGH SEPTEMBER 11, 2023
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at info@ktmc.com
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
ACELYRIN’S ALLEGED MISCONDUCT
On or around May 5, 2023, Acelyrin conducted its IPO, selling 30 million shares of common stock priced at $18.00 per share.
Then, on September 11, 2023, after the markets closed, Acelyrin announced disappointing top-line results from Part B of the Phase 2b/3 trial evaluating “izokibep,” the company's lead drug candidate, as it failed to show statistically significant reduction in abscesses and inflammatory nodules in patients as compared to placebo.
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.
After the Class Period and, most recently, after the markets closed on November 27, 2023, the company revealed that the Contract Research Organization which was hired by Acelyrin to run the izokibep trials had incorrectly programmed the testing protocol, resulting in a sequencing error that went further unidentified through the providers’ testing processes.
Following this news, Acelyrin's stock price fell $2.82 per share, or over 30%, to close at $5.88 per share on November 28, 2023.
WHAT CAN I DO?
Acelyrin investors may, no later than January 16, 2024, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Acelyrin investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Acelyrin, Aramouni v. Acelyrin, Inc., et al., Case No. 23-cv-09672, is filed in the United States District Court for the Central District of California.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
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 affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.