NEW YORK, NY / ACCESSWIRE / July 23, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Caribou Biosciences, Inc. ("Caribou" or the "Company") (NASDAQ:CRBU). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Caribou and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On June 2, 2024, Caribou issued a press release announcing that the Company had "presented updated clinical data from the ongoing ANTLER Phase 1 trial that indicates a single dose of CB-010, a readily available, off-the-shelf anti-CD19 CAR-T cell therapy with a PD-1 knockout, has the potential to rival the safety, efficacy, and durability of approved autologous CAR-T cell therapies." Following Caribou's announcement, Evercore analysts downgraded the stock to "in line" and dropped its price target to $3.00 from $13.00, stating that they were "not yet convinced" that Caribou's therapy "will be competitive and wait on the sidelines until data in 1H 2025."
On this news, Caribou's stock price fell $0.734 per share, or 15.52%, to close at $2.145 per share on June 3, 2024.
Then, on July 16, 2024, Caribou disclosed in a filing with the U.S. Securities and Exchange Commission that it had "discontinued preclinical research activities associated with its allogeneic CAR-NK platform and reduced its workforce by 21 positions, or approximately 12%", explaining that "[t]he Company is undertaking this reduction to extend its cash runway".
On this news, Caribou's stock price fell $0.33 per share, or 12.09%, over the following two trading sessions, to close at $2.40 per share on July 18, 2024.
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.
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SOURCE: Pomerantz LLP
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