SHAREHOLDER ALERT: Pomerantz Regulation Agency Reminds Shareholders with Losses on their Funding in Altimmune, Inc. of Class Motion Lawsuit and Upcoming Deadlines - ALT

New York, New York–(Newsfile Corp. – June 28, 2024) – Pomerantz LLP declares {that a} class motion lawsuit has been filed towards Altimmune, Inc. (“Altimmune” or the “Firm”) (NASDAQ: ALT) and sure officers. The category motion, filed in the USA District Court docket for the District of Maryland, Southern Division, and docketed beneath 24-cv-01315, is on behalf of a category consisting of all individuals and entities aside from Defendants that bought or in any other case acquired Altimmune securities between December 1, 2023 and April 26, 2024, each dates inclusive (the “Class Interval”), in search of to get better damages attributable to Defendants’ violations of the federal securities legal guidelines and to pursue cures beneath Sections 10(b) and 20(a) of the Securities Trade Act of 1934 (the “Trade Act”) and Rule 10b-5 promulgated thereunder, towards the Firm and sure of its prime officers.

If you’re a shareholder who bought or in any other case acquired Altimmune securities throughout the Class Interval, you’ve gotten till July 5, 2024 to ask the Court docket to nominate you as Lead Plaintiff for the category. A replica of the Grievance may be obtained at www.pomerantzlaw.com. To debate this motion, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those that inquire by e-mail are inspired to incorporate their mailing handle, phone quantity, and the variety of shares bought.

[Click here for information about joining the class action]

Altimmune is a scientific stage biopharmaceutical firm that focuses on creating remedies for weight problems and liver ailments. The Firm’s lead product candidate is pemvidutide, a glucagon-like peptide-1 (“GLP-1”) agonist for the therapy of weight problems and metabolic dysfunction-associated steatohepatitis (“MASH”). GLP-1 agonists are drugs that assist decrease blood sugar ranges and promote weight reduction.

On November 30, 2023, Altimmune introduced topline outcomes from its 48-week MOMENTUM Part 2 trial evaluating pemvidutide for the therapy of weight problems (the “MOMENTUM Trial”). In accordance with the Firm, at week 48, topics receiving pemvidutide achieved imply weight losses of 10.3%, 11.2%, 15.6% and a pair of.2% on the 1.2 mg, 1.8 mg, and a pair of.4 mg doses and placebo, respectively, with a near-linear trajectory of continued weight reduction noticed on the two.4 mg dose on the finish of therapy. Defendants touted the importance of those outcomes to pemvidutide’s scientific and industrial prospects as they purportedly evidenced the drug’s viability to compete with different GLP-1 agonists focusing on weight-loss. Pemvidutide’s capacity to compete with different GLP-1 agonists focusing on weight-loss was notably necessary to analysts and buyers given the Firm’s want to ascertain a strategic partnership with, or in any other case be acquired by, extra established biopharmaceutical firms with the money and capital wanted to make sure funding for the drug’s future.

The Grievance alleges that, all through the Class Interval, Defendants made materially false and deceptive statements concerning the Firm’s enterprise, operations, and prospects. Particularly, Defendants made false and/or deceptive statements and/or did not disclose that: (i) Altimmune overstated the potential for pemvidutide to face out from competing GLP-1 agonists based mostly on the drug’s efficacy and tolerability outcomes noticed within the MOMENTUM Trial; (ii) accordingly, the MOMENTUM Trial outcomes have been much less important to pemvidutide’s scientific, industrial, and aggressive prospects than Defendants had led buyers to imagine; (iii) on account of all of the foregoing, Defendants had overstated Altimmune’s prospects for locating a strategic companion to develop pemvidutide; and (iv) consequently, the Firm’s public statements have been materially false and deceptive in any respect related instances.

On February 13, 2024, Kerrisdale Capital revealed a report (the “Kerrisdale Report”) alleging that “a deeper examination of Altimmune’s information reveals a drug with little probability of competing towards both the authorised incumbents or the opposite GLP-1 agonists progressing via scientific trials.” Particularly, the Kerrisdale Report discovered that “[e]ven if pemvidutide did end in 15.6% weight-loss, that is not adequate” as a result of competing, already authorised GLP- 1 agonists “semaglutide and tirzepatide (Ozempic and Mounjaro) have demonstrated superior weight-loss on a comparable foundation, with the additional benefit of controlling blood-sugar (which pemvidutide doesn’t),” whereas noting that “pemvidutide’s tolerability is atrocious” in comparison with these similar medication. (Emphasis in authentic.) Accordingly, the Kerrisdale Report concluded that “[w]e do not suppose reliable potential companions need to spend tons of of hundreds of thousands of {dollars} and years of trials pursuing an apparent useless finish.”

On this information, Altimmune’s inventory worth fell $1.94 per share, or 18.65%, to shut at $8.46 per share on February 13, 2024.

Then, on April 29, 2024, Bloomberg revealed an article entitled “Altimmune Down as Guggenheim Sees Overhang in No Partnership,” reporting that “Guggenheim Securities downgraded [Altimmune’s] inventory to impartial from purchase saying [a] partnership for the biotech’s lead asset pemvidutide look[s] ‘more and more unlikely.'” Particularly, Guggenheim Securities acknowledged that the chance to efficiently fund pemvidutide’s future as a therapy for weight problems via a strategic partnership was “rising more and more tenuous” and that “[t]he failure of a companion to emerge now 5 months from the tip of Ph[ase] 2 presents an overhang that may now not be ignored” as “a serious partnership or M&A occasion would have materialized already if pem[vidutide] was considered as a critical competitor within the rising weight problems/ NASH landscapes by potential strategics or buyers[.]”

On this information, Altimmune’s inventory worth fell $0.87 per share, or 11.98%, to shut at $6.39 per share on April 29, 2024.

Pomerantz LLP, with places of work in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of many premier corporations within the areas of company, securities, and antitrust class litigation. Based by the late Abraham L. Pomerantz, referred to as the dean of the category motion bar, Pomerantz pioneered the sector of securities class actions. As we speak, greater than 85 years later, Pomerantz continues within the custom he established, preventing for the rights of the victims of securities fraud, breaches of fiduciary obligation, and company misconduct. The Agency has recovered billions of {dollars} in damages awards on behalf of sophistication members. See www.pomlaw.com.

Legal professional promoting. Prior outcomes don’t assure comparable outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

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