| COMPANY |
Acelyrin, Inc. |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
23-cv-09672 |
| JUDGE |
The Hon. Fernando Manzano Olguin |
| CLASS PERIOD |
May 4, 2023 through September 11, 2023 |
| SECURITY TYPE |
Securities |
Acelyrin investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than January 16, 2024 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Acelyrin, Inc. (“Acelyrin”) (NASDAQ: SLRN) securities between May 4, 2023 and September 11, 2023, both dates inclusive (the “Class Period”).
Case Background:
On or around May 5, 2023, Acelyrin conducted its IPO, selling 30 million shares of common stock priced at $18.00 per share.
Then, on September 11, 2023, after the markets closed, Acelyrin announced disappointing top-line results from Part B of the Phase 2b/3 trial evaluating “izokibep,” the company's lead drug candidate, for the treatment of moderate-to-severe Hidradenitis Suppurativa. Specifically, Acelyrin revealed that izokibep failed to show statistically significant reduction in abscesses and inflammatory nodules in patients as compared to placebo.
Following this news, Acelyrin's stock price fell $17.19 per share, or 61.61%, over the following two trading sessions, to close at $10.71 per share on September 13, 2023.
Then, after the Class Period and most recently, after the market closed on November 27, 2023, the company revealed that the Contract Research Organization which was hired by Acelyrin to run the izokibep trials had incorrectly programmed the testing protocol, resulting in a sequencing error that went further unidentified through the providers’ testing processes.
Following this news, Acelyrin's stock price fell $2.82 per share, or over 30%, to close at $5.88 per share on November 28, 2023.
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) izokibep was less effective in treating Hidradenitis Suppurativa than Defendants had led investors to believe; (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.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.