NEW YORK, NY / ACCESSWIRE / October 11, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Agenus Inc. ("Agenus" or the "Company") (NASDAQ:AGEN) and certain officers. The class action, filed in the United States District Court for the District of Massachusetts, and docketed under 24-cv-12299, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Agenus securities between January 23, 2023 and July 17, 2024, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired Agenus securities during the Class Period, you have until November 5, 2024 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Agenus is a clinical-stage biotechnology company that discovers and develops immuno-oncology products in the United States and internationally. Among other product candidates, the Company is developing balstilimab, an anti-PD-1 antagonist that has completed a Phase 2 clinical trial to treat second line cervical cancer; and botensilimab, an antigen 4 blocking antibody that is in a Phase 2 clinical trial for the treatment of pancreatic cancer and melanoma.
Agenus purports to pursue clinical trials "designed to strengthen the efficacy and safety signals demonstrated to date and that may support a potential filing for full approval and/or accelerated approval based on the magnitude of benefit demonstrated" and, according to the Company, its strategy "revolves around pioneering optimal combination treatments for cancer patients, with botensilimab as [its] cornerstone." In particular, Agenus has focused on the development of the "botensilimab/balstilimab combination," the Company's investigational therapy for the treatment of patients with metastatic colorectal cancer.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the combination therapy of botensilimab and balstilimab was less effective than Defendants had led investors to believe; (ii) accordingly, botensilimab and balstilimab's clinical results, as well as their regulatory and commercial prospects, were overstated; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
On July 18, 2024, Agenus issued a press release announcing the results of an "end-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA), for the advancement of its immunotherapy combination, botensilimab and balstilimab, for the treatment of adult patients with relapsed/refractory microsatellite stable colorectal cancer with no active liver metastases." The press release revealed that the "FDA advised against submission of these results in support of an Accelerated Approval based on their view that objective response rates may not translate to survival benefit."
On this news, Agenus's stock price fell $10.43 per share, or 58.83%, to close at $7.30 per share on July 18, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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