The Law Offices of Frank R. Cruz reminds investors of the upcoming May 28, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired bluebird bio, Inc. (“bluebird” or the “Company”) (NASDAQ: BLUE) common stock between April 24, 2023 and December 8, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On December 8, 2023, bluebird announced that it had received approval from the U.S. Food and Drug Administration (“FDA”) for its ex-vivo gene therapy drug Lyfgenia for sickle cell disease. Along with the approval came a black box warning for haematological malignancies with a requirement to monitor patients for cancer through complete blood counts at least every six months for at least 15 years, plus viral vector integration site analysis every six months as warranted. Additionally, the Company’s anticipated priority review voucher was denied by the FDA.
On this news, bluebird’s stock price fell $1.95, or 40.5%, to close at $2.86 per share on December 8, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants misled investors by creating the false impression that: (1) they could obtain FDA approval for lovo-cel without any black box warnings for haematological malignancies; (2) they would be granted a priority review voucher by the FDA and in turn sell it in order to strengthen their financial position for the lovo-cel launch; (3) as a result, the Company had significantly overstated Lyfgenia’s clinical and/or commercial prospects; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired bluebird common stock during the Class Period, you may move the Court no later than May 28, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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