San Diego, CA -- (SBWire) -- 08/16/2022 --An investor, who purchased shares of Molecular Partners AG (NASDAQ: MOLN), filed a lawsuit over alleged violations of Federal Securities Laws by Molecular Partners AG.
Investors who purchased shares of Molecular Partners AG (NASDAQ: MOLN) have certain options and for certain investors are short and strict deadlines running. Deadline: September 12, 2022. NASDAQ: MOLN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Switzerland based Molecular Partners AG operates as a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic proteins. Leading up to and following the IPO, Molecular Partners AG repeatedly touted the clinical and commercial prospects of certain of its product candidates under development in collaboration with other companies.
Among other product candidates, Molecular Partners AG is developing ensovibep as a treatment for COVID-19 in collaboration with Novartis AG ("Novartis"). One of the Company's most important development strategies for ensovibep includes securing Emergency Use Authorization ("EUA") for ensovibep from the U.S. Food and Drug Administration ("FDA").
In addition, Molecular Partners AG is developing MP0310 (AMG 506) for the treatment of certain types of cancer in collaboration with Amgen Inc. ("Amgen"). The Company granted Amgen, among other licenses, the right to progress MP0310's development program into later stage development, including into combination trials, following Phase 1 data.
On April 22, 2021, Molecular Partners AG filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") in connection with the IPO, which, after several amendments, was declared effective by the SEC on June 15, 2021 (the "Registration Statement").
On June 16, 2021, Molecular Partners filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (collectively, the "Offering Documents").
Pursuant to the Offering Documents, Molecular Partners AG conducted the IPO, issuing 3 million of its ADSs to the public at the IPO price $21.25 per ADS, for proceeds to the Company of over $59 million, after underwriting discounts and commissions, and before expenses.
On November 16, 2021, Molecular Partners AG disclosed that "a planned futility analysis of ensovibep in [an] ongoing [Phase 3] clinical study . . . has not met the thresholds required to continue enrollment of adults with COVID-19 in the hospitalized setting."
On April 26, 2022, months after applying for EUA from the FDA for ensovibep, Novartis' Chief Executive Officer, Vas Narasimhan, disclosed that "given the latest feedback . . . in our discussions with the [FDA], we would expect the agency to require a Phase 3 study before granting an EUA approval or a general approval" for ensovibep, and that "we need to make a kind of sober evaluation as to is it a doable study in light of the waning rates of COVID around the world[.]"
Then, also on April 26, 2022, during after-market hours, Molecular Partners AG "announced that Amgen . . . has informed the Company of their decision to return global rights of MP0310 to Molecular Partners following a strategic pipeline review."
Shares of Molecular Partners AG (NASDAQ: MOLN) declined to as loaw as $5.92 per share on May 12, 2022.
The plaintiff claims that 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, The plaintiff alleges that between June 16, 2021 and April 26, 2022 the Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects.
More specifically, the plaintiff claims that the the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) ensovibep was less effective at treating COVID-19 than Defendants had led investors to believe; (ii) accordingly, the FDA was reasonably likely to require an additional Phase 3 study of ensovibep before granting the drug EUA; (iii) waning global rates of COVID-19 significantly reduced the Company's chances of securing EUA for ensovibep; (iv) as a product candidate, MP0310 was less attractive to Amgen than Defendants had led investors to believe; (v) accordingly, there was a significant likelihood that Amgen would return global rights of MP0310 to Molecular Partners; (vi) as a result of all the foregoing, the clinical and commercial prospects of ensovibep and MP0310 were overstated; and (vii) as a result, the Offering Documents and Defendants' public statements between June 16, 2021 and April 26, 2022 were materially false and/or misleading and failed to state information required to be stated therein.
Those who purchased shares of Molecular Partners AG (NASDAQ: MOLN) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ: MOLN Shareholder Notice: Lawsuit Alleges Misleading Statements by Molecular Partners AG
A lawsuit was filed on behalf of investors in Molecular Partners AG (NASDAQ: MOLN) shares over alleged securities laws violations.