| COMPANY |
Metagenomi, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
24-cv-06765 |
| JUDGE |
The Hon. Eumi Kim Lee |
| CLASS PERIOD |
Pursuant and/or traceable to IPO held between February 9, 2024, and February 13, 2024 |
| SECURITY TYPE |
Common Stock |
LEAD PLAINTIFF DEADLINE IS NOVEMBER 25, 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:
On October 29, 2021, Metagenomi and Moderna, Inc. (“Moderna”) entered into a Strategic Collaboration and License Agreement, which included multiple four-year research programs and a subsequent licensed product-by-licensed product agreement. Under the terms of the collaboration, Metagenomi and Moderna planned to advance a series of in vivo gene editing therapeutics, utilizing Metagenomi’s gene editing systems in combination with Moderna’s messenger RNA and lipid nanoparticles technologies, to develop and produce next-generation therapies for genetic diseases. Per the agreement, Metagenomi received an upfront cash payment and was eligible to receive certain target option exercise fees as well as development, regulatory and commercial milestone payments, plus tiered royalties on net sales of any products that were commercialized by Moderna. Moderna also agreed to make an equity investment in Metagenomi in the form of a convertible note.
On May 1, 2024, Metagenomi announced that it and Moderna had “mutually agreed to terminate their collaboration” agreement. An analyst reporting on the announcement noted that the news was surprising, as was its timing. The analyst further noted that the partnership between Metagenomi and Moderna was a critical part of the core investment thesis and that losing this partnership during this early stage in development raised more questions than answers. On this news, the price of Metagenomi common stock declined $0.87 per share, or approximately 12.36%, from a close of $7.04 per share on May 1, 2024, to close at $6.17 per share on May 2, 2024.
The complaint alleges that, in the prospectus and registration statements issued in connection with the IPO (the “IPO Documents”), Defendants made materially false and/or misleading statements and/or omissions regarding the company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements regarding, and/or failed to disclose, that: (1) Metagenomi’s collaboration with Moderna would not extend into the future, but instead would terminate in the immediate future; and (2) as a result, the IPO Documents were materially false and/or misleading and failed to state information required to be stated therein.
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.