공고 • Feb 15
Bragar Eagel & Squire, P.C. Files Class Action Lawsuit Against Caribou Biosciences, Inc
Bragar Eagel & Squire, P.C. announced that a class action lawsuit has been filed against Caribou Biosciences, Inc. in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired Caribou securities pursuant and/or traceable to the November 20, 2020 IPO; pursuant and/or traceable to the March 18, 2021 SPO and/or between November 20, 2020 and September 19, 2022, both dates inclusive (the “Class Period”). Investors have until April 11, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit. According to Defendants, CB-010 is the first clinical-stage allogeneic anti-CD19 CAR-T cell therapy with programmed cell death protein 1 (“PD-1”) removed from the CAR-T cell surface by a genome-edited knockout of the PDCD1 gene, which purportedly sets CB-010 apart from other allogeneic CAR-T cells by, inter alia, improving the “persistence” of antitumor activity. On July 1, 2021, Caribou filed a registration statement on Form S-1 with the SEC in connection with the IPO, which, after several amendments, was declared effective by the SEC on July 22, 2021 (the “Registration Statement”). On July 23, 2021, pursuant to the Registration Statement, Caribou’s common stock began publicly trading on the Nasdaq Global Select Market under the ticker symbol “CRBU”. That same day, Caribou filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the “Prospectus” and, collectively with the Registration Statement, the “Offering Documents”). Pursuant to the Offering Documents, Caribou issued 19 million shares of common stock to the public at the Offering price of $16.00 per share for proceeds of $282.72 million to the Company, before expenses, and after applicable underwriting discounts. The Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) CB-010’s treatment effect was not as durable as Defendants had led investors to believe; (ii) accordingly, CB-010’s clinical and commercial prospects were overstated; and (iii) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein. On June 10, 2022, Caribou issued a press release reporting “positive” data from the ANTLER Phase 1 clinical trial. Among other results, Caribou reported that “[a]t 6 months following the single dose of CB-010, [only] 40% of patients remained in CR [complete response] (2 of 5 patients) as of the May 13, 2022 data cutoff date”, prompting investor concern over the durability of the CB-010 treatment. Then, on December 12, 2022, Caribou issued a press release “reporting] new 12-month clinical data from cohort 1 in the ongoing ANTLER Phase 1 trial, which [purportedly] showed] long term durability following a single infusion of CB-010 at the initial dose level 1 (40x106 CAR-T cells).” Among other results, Caribou reported that “3 of 6 patients maintained a durable CR at 6 months” and “2 of 6 patients maintain a long-term CR at the 12 month scan and remain on the trial”, thereby confirming investor fears that the CB-010 treatment lacked significant durability. As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of Caribou’s securities, Plaintiff and other Class members have suffered significant losses and damages.