ACELYRIN – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against ACELYRIN, Inc. (“ACELYRIN” or “the Company”) (NASDAQ: SLRN) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired ACELYRIN securities May 4, 2023 through September 11, 2023 (the “Class Period”). Investors who acquired ACELYRIN securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is January 16, 2024.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased ACELYRIN securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST ACELYRIN
Acelyrin is a clinical biopharma company that focuses on developing and commercializing transformative medicines. The Company’s lead product candidate is izokibep, a small protein therapeutic designed to inhibit IL-17A with purportedly high potency, which is currently in Part B of a Phase 2b/3 clinical trial for use in the treatment of moderate to severe Hidradenitis Suppurativa (“HS”). On April 13, 2023, Acelyrin filed a registration statement on Form S-1 with the United States Securities and Exchange Commission (“SEC”) in connection with the Company’s Initial Public Offering (“IPO”), which, after several amendments, was declared effective by the SEC on May 4, 2023 (the “Registration Statement”). On May 4, 2023, pursuant to the Registration Statement, Acelyrin’s common stock began publicly trading on the Nasdaq Global Select Market under the trading symbol “SLRN”. On May 5, 2023, Acelyrin filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (collectively with the Registration Statement, the “Offering Documents”) Pursuant to the Offering Documents, Acelyrin issued 30 million shares of its common stock to the public at the Offering price of $18.00 per share for proceeds to the Company of $502.2 million after applicable underwriting discounts and commissions. The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or 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; (iii) as a result, Acelyrin also overstated the Company’s business prospects post-IPO; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times. On September 11, 2023, after the markets closed, Acelyrin announced disappointing top-line results from Part B of the Phase 2b/3 trial evaluating izokibep for the treatment of moderate-to-severe HS. Specifically, izokibep failed to show statistically significant reduction in abscesses and inflammatory nodules in patients as compared to placebo. On this news, Acelyrin’s stock price fell $17.19 per share, or 61.61%, over the following two trading sessions, to close at $10.71 per share on September 13, 2023.
ABOUT ACELYRIN
- ACELYRIN is a sustainable biopharma company that invests in, develops and commercializes therapeutics and transformative medicines.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in ACELYRIN during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is January 16, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against ACELYRIN are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
