Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Massachusetts on behalf of shareholders of Invivyd, Inc. (NasdaqGM: IVVD) f/k/a Adagio Therapeutics, Inc. (NasdaqGM: ADGI) who purchased shares between November 29, 2021 and December 14, 2021.
Invivyd and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 14, 2021, the Company (then named Adagio) disclosed that in vitro test results for ADG20, its lead product candidate against the COVID-19 Omicron variant, revealed that it was 300 times less effective at neutralizing Omicron than it was against the other variants, despite assuring investors of the efficacy against Omicron only a few weeks prior.
On this news, shares of Adagio plummeted nearly 80%, from $34.26 per share on December 13, 2021, to $7.26 per share when the market closed on December 14, 2021.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 3, 2023 to request that the court appoint them lead plaintiff.