Solid Biosciences investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Solid Biosciences purportedly seeks to cure Duchenne muscular dystrophy, or DMD. The company’s lead product candidate, SGT-001, is a gene transfer under development to restore functional dystrophin protein expression in patients’ muscles. The company’s therapy uses adeno-associated virus (AAV) to deliver the transgene into the patient. On January 2, 2018, the company filed its IPO prospectus with the SEC, which forms part of the IPO Registration Statement that was declared effective on January 25, 2018. In the IPO, the company sold 7,000,000 shares of common stock at a price of $16.00 per share.
According to the complaint, on January 30, 2018, an article was published by various medical experts highlighting the risks of studies using high doses of gene therapies using adeno-associated virus (AAV). One of the article’s co-authors was Dr. James Wilson, a former member of the Solid Biosciences’ advisory board. Following this news, the company’s shares fell $1.20 per share, or over 5%, to close on January 30, 2018 at $22.50 per share.
Then, on March 14, 2018, after the close of trading, the company published a press release announcing that the U.S. Food and Drug Administration had placed a clinical hold on the SGT-001 Phase I/II clinical trial, IGNITE DMD. Following this news, on March 15, 2018, Solid Biosciences’ share price fell $16.99 per share, or over 60%, to close at $9.32 per share.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) that Solid Biosciences’ lead drug candidate SGT-001 had a high likelihood of causing adverse events in patients; (2) that Solid Biosciences misled investors regarding the toxicity of SGT-001; and (3) that, as a result of the foregoing, the defendants’ statements in the Registration Statement regarding Solid Biosciences’ business, operations, and prospects, were materially false and/or misleading.
If you are a member of the class described above, you may no later than May 28, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
Kessler Topaz Meltzer & Check, LLP
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