CARIBOU BIOSCIENCES, INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Caribou Biosciences, Inc.
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired Caribou Biosciences, Inc. (“Caribou” or the “Company”) (NASDAQ: CRBU) securities pursuant and/or traceable to the Offering Documents issued in connection with the Company’s July 23, 2021 IPO; and/or between July 23, 2021 and December 9, 2022, both dates inclusive. The lawsuit seeks to recover Caribou shareholders’ investment losses.
If you purchased securities in Caribou between July 23, 2021 and December 9, 2022, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
Caribou is a clinical-stage biopharmaceutical company that engages in the development of genome-edited allogeneic cell therapies for the treatment of hematologic malignancies and solid tumors in the U.S. and internationally. The Company is developing, among other product candidates, CB-010, an allogeneic anti-CD19 CAR-T cell therapy that is in a Phase 1 clinical trial, referred to as “ANTLER”, to treat relapsed or refractory B cell non-Hodgkin lymphoma (“r/r B-NHL”).
According to Defendants, CB-010 is the first clinical-stage allogeneic anti-CD19 CAR-T cell therapy with programmed cell death protein 1 (“PD-1”) removed from the CAR-T cell surface by a genome-edited knockout of the PDCD1 gene, which purportedly sets CB-010 apart from other allogeneic CAR-T cells by, inter alia, improving the “persistence” of antitumor activity.
On July 1, 2021, Caribou filed a registration statement on Form S-1 with the SEC in connection with the IPO, which, after several amendments, was declared effective by the SEC on July 22, 2021 (the “Registration Statement”). On July 23, 2021, Caribou filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the “Prospectus” and, collectively with the Registration Statement, the “Offering Documents”). Pursuant to the Offering Documents, Caribou issued 19 million shares of common stock to the public at the Offering price of $16.00 per share.
The Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) CB-010’s treatment effect was not as durable as Defendants had led investors to believe; (ii) accordingly, CB-010’s clinical and commercial prospects 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 June 10, 2022, Caribou issued a press release reporting “[p]ositive” data from the ANTLER Phase 1 clinical trial. Among other results, Caribou reported that “[a]t 6 months following the single dose of CB-010, [only] 40% of patients remained in CR [complete response] (2 of 5 patients) as of the May 13, 2022 data cutoff date”, prompting investor concern over the durability of the CB-010 treatment.
On this news, Caribou’s stock price fell $1.78 per share, or 20.41%, to close at $6.94 per share on June 10, 2022.
Then, on December 12, 2022, Caribou issued a press release “report[ing] new 12-month clinical data from cohort 1 in the ongoing ANTLER Phase 1 trial, which [purportedly] show[ed] long-term durability following a single infusion of CB-010 at the initial dose level 1 (40×106 CAR-T cells).” Among other results, Caribou reported that “3 of 6 patients maintained a durable CR at 6 months” and “2 of 6 patients maintain a long-term CR at the 12-month scan and remain on the trial”, thereby confirming investor fears that the CB-010 treatment lacked significant durability.
On this news, Caribou’s stock price fell $0.81 per share, or 9.03%, to close at $8.16 per share on December 12, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than April 11, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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