AlloVir – 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 AlloVir, Inc. (“AlloVir” or “the Company”) (NASDAQ: ALVR) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired AlloVir securities from March 22, 2022 through December 21, 2023 (the “Class Period”). Investors who acquired AlloVir securities during this defined timeframe are strongly encouraged to participate in this case by contacting firstname.lastname@example.org. The deadline to file a motion for appointment of lead plaintiff is March 19, 2024.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased AlloVir 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 ALLOVIR
AlloVir, a clinical-stage cell therapy company, engages in the research and development of allogeneic, off-the-shelf multi-virus specific T cell therapies to prevent and treat devastating viral-associated diseases. 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”). 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) 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; (iii) accordingly, AlloVir overstated the efficacy and clinical and/or commercial prospects of posoleucel; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times. On December 22, 2023, AlloVir announced that it was discontinuing the posoleucel Phase 3 studies over efficacy concerns and stated that it would explore strategic alternatives for the Company. Specifically, AlloVir said it was discontinuing the posoleucel Phase 3 studies after pre-planned analyses concluded they wouldnt meet their primary endpoints. On this news, AlloVir’s stock price fell $1.57 per share, or 67.38%, to close at $0.76 per share on December 22, 2023.
- Allovir Inc. is a biotechnology company that focuses on developing innovative, virus-specific T-cell therapies for patients with viral diseases. The company’s mission is to harness the power of the immune system to combat viral infections. Allovir’s platform technology involves the development of allogeneic, off-the-shelf, virus-specific T-cell therapies.
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 AlloVir 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 March 19, 2024. 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.