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Faruqi & Faruqi, LLP Securities Litigation Partners James (Josh) Wilson Encourages Investors Suffering Losses Over $75,000 from Caribou to contact him directly to discuss their options.
If you have a loss of more than $75,000 per Caribou between July 14, 2023 and July 16, 2024 and you would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live to 877-247-4292 or 212-983-9330 (Ext. 1310).
(You can also click here for more information)
New York, New York–(Newsfile Corp. – January 19, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Caribou Biosciences, Inc . (“Caribou” or “Company”) (NASDAQ: CRBU) and reminds investors of January 24, 2025 deadline seeking the role of lead plaintiff in a federal class action against the Company.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The firm has raised hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As described below, the complaint alleges that the Company and its directors violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) they exceeded t safety, efficacy and durability of CB-010. approved autologous CAR-T cell therapies to treat patients with r/r B-NHL and/or LBCL, as well as CB-010 summary results and commercial prospects; (ii) Caribou was at significant risk of having insufficient cash, cash, and/or other capital to support its current business activities, including related preclinical research activities and the allogeneic CAR-NK platform; and (iii) all of the foregoing could have a material adverse effect on Caribou’s business and operations.
On June 2, 2024, Caribou issued a press release announcing that it “has presented updated clinical data from the ongoing ANTLER Phase 1 trial that (allegedly) demonstrates a dose and one of CB-010 … has the potential to compete with the safety, efficacy, and durability of approved CAR-T cell therapies.”
The next day, analysts at Evercore ISI (“Evercore”) downgraded Caribou’s stock to “in line” and lowered their price target to $3.00 from $13.00, saying they were “not yet convinced ” that the Caribou treatment “will be competitive and stand aside until the data in 1H 2025.” In particular, Evercore analysts stated, among others, that “(o)n overall, the efficacy of CB-010 in 2L (second-line) LBCL is not competitive against autologous CAR-T at a rate low response rate and very short PFS (progression-free survival)”, while noting other risks related to the safety and competitiveness of CB-010.
In this news, Caribou’s stock price fell by $0.735 per share, or 25.52%, to close at $2.145 per share on June 3, 2024.
Then, on July 16, 2024, Caribou disclosed in a filing with the United States Securities and Exchange Commission that it has “discontinued early stage research activities related to its allogeneic CAR-NK platform and has reduced its workforce by the positions of 21, or about 12%”, explaining that ”
On this news, Caribou’s stock price fell $0.09 per share, or 3.3%, to close at $2.64 per share on July 17, 2024.
The lead plaintiff appointed by the court is the investor with the greatest financial interest in the relief sought by a reasonable and common class of class members conducting and overseeing the case on behalf of the putative class. Any member of the arbitration panel may have the Court act as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent panel member. Your ability to participate in any recovery is not affected by the decision to serve as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Caribou’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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