AlloVir, 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 District of Massachusetts on behalf of those who acquired AlloVir, Inc. (“AlloVir” or the “Company”) (NASDAQ: ALVR) securities during the period from March 22, 2022 through December 21, 2023, inclusive (the “Class Period”). Investors have until March 19, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
In March 2022, AlloVir initiated global phase 3 registrational studies of its lead product posoleucel for the prevention of life-threatening viral infections from viruses in high-risk, allogeneic hematopoietic cell transplant patients (the “posoleucel Phase 3 Studies”). On December 22, 2023, AlloVir announced that it was discontinuing the posoleucel Phase 3 studies after pre-planned analyses concluded they wouldn’t meet their primary endpoints and stated that it would explore strategic alternatives for the Company. On this news, the price of AlloVir shares declined by $1.57 per share, or approximately 67.38%, from $2.33 per share to close at $0.77 on December 22, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the posoleucel Phase 3 Studies were unlikely to meet their primary endpoints; (ii) as a result, it was likely that the Company would ultimately discontinue the posoleucel Phase 3 studies; and (iii) AlloVir overstated the efficacy and clinical and/or commercial prospects of posoleucel.
In March 2022, AlloVir initiated global phase 3 registrational studies of its lead product posoleucel for the prevention of life-threatening viral infections from viruses in high-risk, allogeneic hematopoietic cell transplant patients (the “posoleucel Phase 3 Studies”). On December 22, 2023, AlloVir announced that it was discontinuing the posoleucel Phase 3 studies after pre-planned analyses concluded they wouldn’t meet their primary endpoints and stated that it would explore strategic alternatives for the Company. On this news, the price of AlloVir shares declined by $1.57 per share, or approximately 67.38%, from $2.33 per share to close at $0.77 on December 22, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the posoleucel Phase 3 Studies were unlikely to meet their primary endpoints; (ii) as a result, it was likely that the Company would ultimately discontinue the posoleucel Phase 3 studies; and (iii) AlloVir overstated the efficacy and clinical and/or commercial prospects of posoleucel.