SILVERBACK THERAPEUTICS, INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
SILVERBACK THERAPEUTICS, INC.
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Silverback Therapeutics, Inc. (NASDAQ: SBTX) between November 30, 2020 and September 10, 2021. The lawsuit seeks to recover Silverback Therapeutics, Inc. shareholders’ investment losses.
If you purchased shares of Silverback Therapeutics, Inc. between November 30, 2020 and September 10, 2021 and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired (i) the common stock of Silverback Therapeutics, Inc. (“Silverback” or the “Company”) (NASDAQ: SBTX) in connection with Silverback’s December 3, 2020 initial public offering; and/or (ii) Silverback securities between December 3, 2020 and September 10, 2021, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Western District of Washington and alleges violations of §§11 and 15 of the Securities Act of 1933 and §§ 10(b) and 20(a) of the Securities Exchange Act of 1934.
On or about December 3, 2020, Silverback conducted its IPO, offering 11,500,000 shares of its common stock to the public at a price of $21 per share for anticipated proceeds of approximately $241,500,000.
According to the complaint, Defendants made false and/or misleading statements and failed to disclose that (i) Silverback’s lead product candidate SBT6050 was less effective than the Company had represented to investors; and (ii) the Company had overstated SBT6050’s commercial and/or clinical prospects.
On September 13, 2021, Silverback issued a press release “announc[ing] that interim data from the dose-escalation portion of its Phase 1/1b clinical trial evaluating SBT6050 as a monotherapy and in combination with pembrolizumab in patients with advanced or metastatic HER2-expressing or amplified solid tumors” were to be presented from September 16-21, 2021. The accepted abstract revealed that while there was a manageable safety profile for the Company’s experimental therapy, SBT6050 yielded only one partial response among 14 HER2-positive solid tumors.
On this news, Silverback’s stock price fell $4.54 per share, or 23.35%, to close at $14.90 per share on September 13, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than January 4, 2022. 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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