Acelyrin, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Acelyrin, Inc. (“Acelyrin” or the “Company) (NASDAQ: SLRN) securities during the period from May 4, 2023 through September 11, 2023, inclusive (the “Class Period”). Investors have until January 16, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On September 11, 2023, after the markets closed, Acelyrin issued a press release entitled “ACELYRIN, INC. Announces Top-Line Results from Placebo-Controlled Clinical Trial of Izokibep for Moderate-to-Severe Hidradenitis Suppurativa.” The press release stated, in relevant part that the Company announced “top-line results from Part B of a Phase 2b/3 trial evaluating izokibep for the treatment of moderate-to-severe Hidradenitis Suppurativa (HS). The primary endpoint of HiSCR75 at week 16 did not meet statistical significance. However, response rates for izokibep showed early HiSCR100 responses, a clear dose-effect supported by both pharmacokinetic exposures and HiSCR responses favoring 160mg weekly dosing, and no evidence of safety or tolerability limitation.” On this news, the price of Acelyrin shares declined by $17.19 per share, or approximately 61.61%, from $27.90 per share on September 11, 2023 to close at $10.71 on September 13, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) izokibep was less effective in treating HS than Defendants had led investors to believe; (ii) accordingly, Acelyrin overstated izokibep’s clinical and/or commercial prospects; and (iii) as a result, Acelyrin also overstated the Company’s business prospects post-IPO.
On September 11, 2023, after the markets closed, Acelyrin issued a press release entitled “ACELYRIN, INC. Announces Top-Line Results from Placebo-Controlled Clinical Trial of Izokibep for Moderate-to-Severe Hidradenitis Suppurativa.” The press release stated, in relevant part that the Company announced “top-line results from Part B of a Phase 2b/3 trial evaluating izokibep for the treatment of moderate-to-severe Hidradenitis Suppurativa (HS). The primary endpoint of HiSCR75 at week 16 did not meet statistical significance. However, response rates for izokibep showed early HiSCR100 responses, a clear dose-effect supported by both pharmacokinetic exposures and HiSCR responses favoring 160mg weekly dosing, and no evidence of safety or tolerability limitation.” On this news, the price of Acelyrin shares declined by $17.19 per share, or approximately 61.61%, from $27.90 per share on September 11, 2023 to close at $10.71 on September 13, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) izokibep was less effective in treating HS than Defendants had led investors to believe; (ii) accordingly, Acelyrin overstated izokibep’s clinical and/or commercial prospects; and (iii) as a result, Acelyrin also overstated the Company’s business prospects post-IPO.