The complaint alleges 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, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Silverback’s lead product candidate SBT6050 was less effective than the Company had represented to investors; (ii) accordingly, the Company had overstated SBT6050’s commercial and/or clinical prospects; and (iii) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein. On September 13, 2021, Silverback issued a press release “announc[ing] that interim data from the dose-escalation portion of its Phase 1/1b clinical trial evaluating SBT6050 as a monotherapy and in combination with pembrolizumab in patients with advanced or metastatic HER2-expressing or amplified solid tumors will be presented at the upcoming European Society for Medical Oncology 2021 Congress from September 16-21, 2021” and advising that “[t]he accepted abstract . . . is now available on the ESMO website.” Per the accepted abstract (the “Abstract”), while there was a manageable safety profile for the Company’s experimental therapy, SBT6050 yielded only one partial response among 14 HER2-positive solid tumors. On this news, Silverback’s stock price fell $4.54 per share, or 23.35%, to close at $14.90 per share on September 13, 2021. As of the time this Complaint was filed, the price of Silverback common stock continues to trade below the $21.00 per share Offering price, damaging investors.
The alleged class includes : All persons and entities other than Defendants that purchased or otherwise acquired: (a) Silverback common stock pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about December 3, 2020; and/or (b) Silverback securities between December 3, 2020 and September 10, 2021, both dates inclusive.[IPO]
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