The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of investors who purchased BioAge Labs, Inc. (“BioAge” or the “Company”) (NASDAQ: BIOA) common stock pursuant and/or traceable to the Registration Statement issued in connection with the Company’s September 2024 initial public offering (the “IPO” or the “Offering”). BioAge investors have until March 10, 2025 to file a lead plaintiff motion.
IF YOU SUFFERED A LOSS ON YOUR BIOAGE INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.
You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at info@frankcruzlaw.com, by telephone at (310) 914-5007, or visit our website at www.frankcruzlaw.com.
What Happened?
On or about September 2024, BioAge conducted its IPO, selling 12.65 million shares of stock for $18 per share.
On December 6, 2024, BioAge announced that it would discontinue the ongoing STRIDES Phase 2 study of its investigational drug candidate azelaprag after liver transaminitis was observed in some subjects receiving azelapgrag.
On this news, BioAge’s stock price declined $15.44 or 76.85% per share, to close at $4.65 per share on December 9, 2024.
Investors have suffered significant losses since the IPO. At the time of filing, BioAge’s stock price traded at $5.82 per share, more than 67% below the IPO price.
What Is the Lawsuit About?
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 failed to disclose to investors: (1) the potential for liver transaminitis in any of its previous clinical Phase 1 trials and various preclinical tox studies; (2) potential safety concerns with the Company’s ongoing STRIDES clinical trial; (3) that, as a result, the Company overstated the likelihood the ongoing STRIDES study would be completed; (4) that, as a result, the Company overstated the potential of a second Phase 2 clinical trial combining azelaprag and semaglutide to treat obesity in individuals ages 18 years and older; and (5) 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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