| COMPANY |
Invivyd, Inc. f/k/a Adagio Therapeutics, Inc. |
| COURT |
United States District Court for the District of Massachusetts |
| CASE NUMBER |
23-cv-10254 |
| JUDGE |
The Hon. Leo Theodore Sorokin |
| CLASS PERIOD |
November 29, 2021 and December 14, 2021 |
| SECURITY TYPE |
Common Stock |
Invivyd 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 April 3, 2023 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 Invivyd, Inc. f/k/a Adagio Therapeutics, Inc. (“Invivyd”) (NASDAQ: IVVD) common stock between November 29, 2021 and December 14, 2021, both dates inclusive (the “Class Period”).
Case Background:
Invivyd (then called Adagio Therapeutics, Inc.) was formed in June 2020 to develop drugs for the treatment and prevention of COVID-19 and future coronavirus outbreaks. During the Class Period, Invivyd was focused on developing ADG20, an investigational monoclonal antibody treatment for COVID-19. In September 2022, Adagio Therapeutics, Inc. announced that it was changing its name to Invivyd.
On December 14, 2021, Invivyd issued a press release reporting in vitro results of ADG20 against the Omicron variant. In doing so, only a few weeks after assuring investors of the efficacy against Omicron, Invivyd announced that “[t]he in vitro data generated through both authentic and pseudovirus testing of the Omicron variant show a greater than 300-fold reduction in neutralizing activity of ADG20 against Omicron.” In other words, Invivyd revealed that the data showed that ADG20 was 300 times less effective at neutralizing Omicron than it was against the other variants. Put simply, Invivyd admitted that the results showed that ADG20 did not work against Omicron. Following this news, the price of Invivyd shares declined by nearly 80%.
The complaint alleges that, throughout the Class Period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) the published epitope mapping, structural studies, and sequence analyses which Defendants had used to claim that ADG20, an investigational monoclonal antibody treatment for COVID-19, was effective against Omicron were insufficient, unreliable, and inadequate to make claims of effectiveness of ADG20 against Omicron; (2) Defendants' claims regarding ADG20's efficacy against Omicron lacked a reasonable factual basis; and (3) ADG20 was over 300 times less effective against the Omicron variant as compared to its effectiveness against previous variants.
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.