Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In Caribou To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $75,000 in Caribou between July 14, 2023 and July 16, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Jan. 17, 2025 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Caribou Biosciences, Inc. (“Caribou” or the “Company”) (NASDAQ: CRBU) and reminds investors of the February 24, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) they had overstated CB-010’s safety, efficacy, and durability relative to approved autologous CAR-T cell therapies in treating patients with r/r B-NHL and/or LBCL, as well as CB-010’s overall clinical results and commercial prospects; (ii) Caribou was at significant risk of having insufficient cash, liquidity, and/or other capital to fund its current business operations, including preclinical research activities associated with the allogeneic CAR-NK platform; and (iii) all the foregoing was likely to have a significant negative impact on Caribou’s business and operations.
On June 2, 2024, Caribou issued a press release announcing that it had “presented updated clinical data from the ongoing ANTLER Phase 1 trial that [purportedly] indicates a single dose of CB-010 . . . has the potential to rival the safety, efficacy, and durability of approved autologous CAR-T cell therapies.”
The next day, Evercore ISI (“Evercore”) analysts downgraded Caribou stock to “in line” and dropped their price target to $3.00 from $13.00, stating that they were “not yet convinced” that Caribou’s therapy “will be competitive and wait on the sidelines until data in 1H 2025.” In particular, the Evercore analysts stated, inter alia, that “[o]verall, efficacy of CB-010 in 2L [second-line] LBCL is not competitive vs autologous CAR-T with lower response rate and much shorter PFS [progression-free survival]”, while also noting additional risks related to CB-010’s safety and competition.
On this news, Caribou’s stock price fell $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 had “discontinued preclinical research activities associated with its allogeneic CAR-NK platform and reduced its workforce by 21 positions, or approximately 12%”, explaining that “[t]he Company is undertaking this reduction to extend its cash runway”.
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 court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Caribou’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Caribou Biosciences class action, go to www.faruqilaw.com/CRBU or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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