| COMPANY |
Agenus Inc. |
| COURT |
United States District Court for the District of Massachusetts |
| CASE NUMBER |
24-cv-12299 |
| JUDGE |
The Hon. Angel Kelley |
| CLASS PERIOD |
January 23, 2023 through July 17, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS NOVEMBER 5, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
Agenus, a Delaware corporation with its principal executive offices in Lexington, Massachusetts, is a clinical-stage biotechnology company that discovers and develops immune-oncology products. The company is developing balstilimab, an anti-PD-1 antagonist, to treat second line cervical cancer, and botensilimab (AGEN1181, an antigen 4 (CTLA-4) blocking antibody, for the treatment of pancreatic cancer and melanoma. Agenus has focused on the development of a combination of botensilimab and balstilimab for the treatment of patients with metastatic colorectal cancer.
On July 18, 2024, Agenus announced the results of its 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 company revealed that the “FDA advised against the 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, the price of Agenus common stock declined $10.43 per share, or approximately 58.8%, from a close of $17.73 per share on July 17, 2024, to close at $7.30 per share on July 18, 2024.
The complaint 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 misrepresented and/or failed to disclose that: (1) the combination therapy of botensilimab and balstilimab was less effective than Defendants had led investors to believe; (2) accordingly, the clinical results for the combination of botensilimab and balstilimabs, as well as their regulatory and commercial prospects, were overstated; and (3) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
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.