Moderna, Inc. (NASDAQ: MRNA) Securities Fraud Class Action

LEAD PLAINTIFF DEADLINE IS OCTOBER 8, 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 May 31, 2024, Moderna issued a press release “announc[ing] that the [FDA] has approved mRESVIA (mRNA-1345) . . . to protect adults aged 60 years and older from lower respiratory tract disease caused by RSV infection.”  However, Moderna's press release indicated a vaccine efficacy of only 78.7%, significantly lower than the 83.7% vaccine efficacy that Moderna had previously identified in its mRNA-1345 BLA rolling submission to the FDA.  Following this announcement, analysts and market observers were quick to note mRNA-1345's lower-than-expected efficacy rate.  On this news, Moderna’s stock price fell $8.94 per share, or 5.9%, from a close of $151.49 on May 30, 2024, to close at $142.55 per share on May 31, 2024.

Then, on June 26, 2024, in a presentation before the Centers for Disease Control and Prevention’s Advisory Committee on Immunization Practices, Moderna disclosed that after 18 months, mRNA-1345 proved only 49.9% to 50.3% effective against multiple symptoms of lower respiratory tract disease - a significantly lower efficacy rate than vaccines produced by Moderna's competitors.

Following this presentation, market analysts once again took notice of mRNA-1345’s reduced efficacy rate.  For example, in an article published the same day, Reuters stated, in relevant part, that Moderna’s “new tab respiratory syncytial virus (RSV) shot mRESVIA showed 50% efficacy in preventing RSV after 18 months,” and that, by comparison, the RSV vaccines of Moderna’s competitors GSK and Pfizer were both “78% effective in preventing severe RSV over a second year.”  Also on June 26, 2024, Bloomberg published an article entitled “Moderna RSV Vaccine Efficacy Sinks Over Time, CDC Documents Show,” which stated, in relevant part, that “[t]he results could further raise doubts over the prospects for its shot, which is already third to the market.  Moderna shares fell as much as 11%, their biggest intraday decline since November.”  On this news, Moderna's stock price fell $15.15 per share, or 11.01%, to close at $122.45 per share on June 26, 2024.

The complaint alleges that, during 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) mRNA-1345 was less effective than Defendants had led investors to believe, causing mRNA-1345's clinical and/or commercial prospects to be overstated; and (2) as a result, the company’s public statements were materially false and misleading 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.