NEW YORK, NY / ACCESSWIRE / February 8, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Invivyd, Inc. (f/k/a Adagio Therapeutics, Inc.) (IVVD; ADGI) ("Adagio" or the "Company") (NASDAQ:IVVD)(NASDAQ:ADGI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Adagio and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On December 14, 2021, Adagio issued a press release reporting in vitro results of the Company's lead product candidate, the proposed antibody therapy ADG20, against the Omicron variant of COVID-19. The press release, which Adagio issued only a few weeks after assuring investors of ADG20's efficacy against Omicron, Adagio announced that "[t]he in vitro data generated through both authentic and pseudovirus testing of the Omicron variant show a greater than 300-fold reduction in neutralizing activity of ADG20 against Omicron." In other words, Adagio revealed that the data showed that ADG20 was 300 times less effective at neutralizing Omicron than it was against the other variants.
On this news, Adagio's stock price fell $27.00 per share, or 78.81%, to close at $7.26 per share on December 14, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.
SOURCE: Pomerantz LLP