Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Acelyrin, Inc. (“Acelyrin”) (NASDAQ: SLRN) securities (1) pursuant and/or traceable to the initial public offering (“IPO”) on or around May 4, 2023; and/or (2) between May 4, 2023 and September 11, 2023, inclusive (the “Class Period”)
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: (1) the Part A efficacy results for izokibep, Acelyrin’s lead product candidate to treat hidradenitis suppurativa, would not be indicative of future success and omitted a nearly 30% dropout rate; (2) accordingly, Acelyrin overstated izokibep's clinical and/or commercial prospects; (3) as a result, Acelyrin also overstated the company's business prospects post-IPO; and (4) as a result, the company's public statements were materially false and misleading at all relevant times.
Current Status of Case:
On May 3, 2024, Defendants filed a Motion to Dismiss the Amended Complaint. The Motion has been fully briefed and is pending before the Court. This action is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com.
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