SAN DIEGO, Jan. 09, 2024 – A deadline is fast approaching for investors who suffered substantial losses in ACELYRIN, Inc. (NASDAQ:SLRN) securities. Robbins Geller Rudman & Dowd LLP has announced that investors have until January 16, 2024, to seek appointment as lead plaintiff in the ACELYRIN class action lawsuit.
The lawsuit, captioned Aramouni v. ACELYRIN, Inc., No. 23-cv-09672 (C.D. Cal.), alleges that ACELYRIN, as well as certain top current and former executive officers, violated the Securities Exchange Act of 1934. The lawsuit claims that ACELYRIN made false and misleading statements throughout the Class Period, between May 4, 2023, and September 11, 2023.
According to allegations in the ACELYRIN class action lawsuit, the company overstated the clinical and commercial prospects of its lead product candidate, izokibep, which is being developed for the treatment of moderate to severe Hidradenitis Suppurativa (HS). The lawsuit alleges that izokibep was less effective than ACELYRIN had led investors to believe, resulting in an overstatement of ACELYRIN’s business prospects post-initial public offering.
On September 11, 2023, ACELYRIN announced disappointing results from a Phase 2b/3 clinical trial evaluating izokibep for the treatment of moderate to severe HS. The trial failed to show a statistically significant reduction in abscesses and inflammatory nodules compared to the placebo, resulting in a decrease of over 61% in ACELYRIN’s stock price over two trading sessions.
Investors who purchased or acquired ACELYRIN securities during the Class Period have the opportunity to seek appointment as lead plaintiff, representing all other class members. This appointment allows the lead plaintiff to select a law firm to litigate the class action lawsuit on behalf of the affected investors. It is important to note that an investor’s ability to share in any potential recovery is not dependent upon serving as the lead plaintiff.
Robbins Geller Rudman & Dowd LLP is a leading complex class action firm representing plaintiffs in securities fraud cases. The firm has a strong track record of recovering substantial amounts for investors, including over $1.75 billion in 2022 alone.
Investors who wish to serve as lead plaintiff in the ACELYRIN class action lawsuit are encouraged to provide their information through the provided link or contact attorney J.C. Sanchez of Robbins Geller by phone or email.
Disclaimer: This article is for informational purposes only and is not intended as legal advice. It is recommended to consult with a qualified attorney for advice regarding individual legal matters.
URL: https://www.rgrdlaw.com/cases-acelyrin-inc-class-action-lawsuit-slrn.html
