NEW YORK, NY / ACCESSWIRE / December 5, 2022 / Pomerantz LLP is investigating claims on behalf of investors of SQZ Biotechnologies Company ("SQZ" or the "Company") (NYSE:SQZ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether SQZ and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around October 29, 2022, SQZ conducted its initial public offering ("IPO"), selling 4,411,765 shares priced at $16.00 per share. Then, on December 1, 2022, SQZ issued a press release "announc[ing] that Armon Sharei, PhD, Chief Executive Officer at SQZ Biotechnologies, will step down from his role as CEO and the Board of Directors, effective immediately," and that the Company will reduce its workforce by roughly 60% as it "pause[s] its APC, Activating Antigen Carrier (AAC) and Tolerizing Antigen Carrier (TAC) programs." On this news, SQZ's stock price fell sharply during intraday trading on December 1, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP