CytoDyn investors may receive additional information about the case by clicking the link "Submit Your Information" above.
CytoDyn is a late-stage biotechnology company developing innovative treatments for multiple therapeutic indications based on leronlimab, a novel humanized monoclonal antibody targeting the CCR5 receptor. CCR5 plays a critical role in the ability of HIV to enter and infect healthy T-cells.
On March 5, 2021, CytoDyn issued a press release providing an update on its product “Vyrologix (leronlimab-PRO 140), a CCR5 antagonist with the potential for multiple therapeutic indications.” The press release stated, in part, that “the Phase 3 trial of leronlimab for the treatment of severe-to-critical patients with COVID-19 demonstrated continued safety, substantial improvement in the survival rate, and faster hospital discharge in critically ill COVID-19 patients.”
Although the press release touted purportedly positive results, industry observers and analysts quickly characterized CytoDyn’s press release as misleading. For example, on March 8, 2021, Seeking Alpha published an article entitled “CytoDyn: Parsing Failure.” The Seeking Alpha article asserted that CytoDyn’s “leronlimab Phase 3 trial on COVID-19 severe-to-critical patients failed . . . to meet both its primary endpoint and all secondary endpoints with any statistical significance” and described CytoDyn as having effectively “buried” the results in its press release. The article noted that “[a] normal biotech company would have stated this clearly, both in its PR titles and in their text bodies. Cytodyn, however, did something else.”
Following this news CytoDyn’s common stock price fell $1.70 per share, or 41.98%, over the following two trading sessions, closing at $2.35 per share on March 9, 2021.
If you are a member of the class described above, you may no later than May 17, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.
If you are a CytoDyn investor and would like to learn more about our investigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at info@ktmc.com. If you would like additional information about the investigation, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.