Did you lose money on investments in Centessa Pharmaceuticals? If so, please visit Centessa Pharmaceuticals plc Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, NY / ACCESSWIRE / October 5, 2022 / Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or otherwise acquired: (a) Centessa Pharmaceuticals plc ("Centessa" or the "Company") (NASDAQ:CNTA) American Depositary Shares ("ADSs") pursuant and/or traceable to the Offering Documents issued in connection with the Company's initial public offering conducted on or about May 28, 2021 (the "IPO" or "Offering"); and/or (b) Centessa securities between May 28, 2021 and June 1, 2022, both dates inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Act of 1933 and Securities Exchange Act of 1934.
Centessa is a clinical-stage pharmaceutical company that purports to discover, develop, and deliver medicines to patients. The Company's development pipeline includes, among other products, lixivaptan, a vasopressin V2 receptor small molecule inhibitor in Phase 3 clinical development for the treatment of autosomal dominant polycystic kidney disease ("ADPKD"); and ZF874, a small molecule pharmacological chaperone folding corrector of the Z variant of the DNA encoding protein alpha-1-antitrypsin ("A1AT"), which is in Phase 1 clinical development for the treatment of A1AT deficiency ("AATD").
On April 21, 2021, Centessa 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 May 27, 2021 (the "Registration Statement").
On or about May 28, 2021, Centessa conducted the IPO, issuing 16.5 million of its ADSs to the public at the Offering price of $20 per ADS, for proceeds of $306.9 million to the Company after expenses and applicable underwriting discounts.
On June 1, 2021, Centessa 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").
Plaintiff alleges that Defendants made materially false and misleading statements in the Offering Documents and throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (i) lixivaptan was less safe than Defendants had represented; (ii) lixivaptan's clinical and commercial prospects were overstated; (iii) ZF874 was less safe than Defendants had represented; and (iv) ZF874's clinical and commercial prospects were overstated while the drug's safety issues were downplayed.
On November 1, 2021, Centessa issued a press release announcing results from the Phase 1 study evaluating ZF874 in treating AATD, including, among other results, potential safety issues related to increases in liver enzymes alanine aminotransferase ("ALT") and aspartate aminotransferase ("AST") in one of the study subjects. On this news, Centessa's ADS price fell $3.19 per share, or 18.55%, to close at $14.01 per share on November 1, 2021.
On June 2, 2022, Centessa issued a press release "announc[ing] that it has made the strategic decision to discontinue development of lixivaptan for [ADPKD,]" citing "a recent observation of [ALT] and [AST] elevations in one subject" from a Phase 3 study of lixivaptan that was designed to assess liver and non-liver safety in certain subjects. On this news, Centessa's ADS price fell $1.25 per share, or 27.78%, to close at $3.25 per share on June 2, 2022.
On August 10, 2022, Centessa issued a press release "announc[ing] its decision to discontinue development of ZF874 following a recent report of an adverse event (AE) involving elevated liver enzymes (AST/ALT) in a . . . subject dosed with 5 mg/kg BID of ZF874 in the Phase 1 study." Centessa stated that "[b]ased on the results observed to date, the Company concluded that ZF874 was unlikely to achieve the desired target product profile." On this news, Centessa's ADS price fell $0.26 per share to close at $4.75 per share on August 10, 2022, representing a total decline of 76.25% from the $20 per ADS Offering price.
If you wish to serve as lead plaintiff, you must move the Court no later than November 28, 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.
If you purchased or otherwise acquired Centessa securities, and/or would like to discuss your legal rights and options please visit Centessa Pharmaceuticals plc Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
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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SOURCE: Bernstein Liebhard LLP