Scott+Scott Attorneys at Law LLP Reminds Investors of Securities Class Action Against Longeveron, Inc. (NASDAQ: LGVN) and November 12 Deadline
NEW YORK, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Longeveron, Inc. (“Longeveron” or the “Company”) (NASDAQ: LGVN) and certain of its officers and directors, alleging violations of federal securities laws. If you purchased Longeveron stock or securities between February 12, 2021 and August 12, 2021 and have suffered a loss, realized or unrealized, you are encouraged to contact Scott+Scott attorney, Rhiana Swartz, at (844) 818-6980 or at rswartz@scott-scott.com for more information. The deadline for lead plaintiff motions is November 12, 2021.
Longeveron is a clinical stage biotechnology company that develops cellular therapies for aging-related and life-threatening conditions. The Company’s lead investigational product is Lomecel-B and the Company has been conducting, among other trials, a Phase 2b trial of Lomecel-B for aging frailty.
The Company held its initial public offering (“IPO”) on or about February 12, 2021, at a price of $10 per share.
On August 13, 2021, Longeveron issued two press releases: one announcing topline results of the Phase 2b Aging Frailty Trial; and a second providing a corporate update and reporting the Company’s financial results for the second quarter of 2021. Both press releases disclosed, among other results, that Lomecel-B had “not achiev[ed] . . . statistical significance for the pairwise comparison to placebo” with respect to the primary efficacy endpoint.
On this news, Longeveron’s stock price fell $1.51 per share, or 27.91%, to close at $3.90 per share on August 13, 2021, a total decline of 61% from the IPO price.
According to the lawsuit, Longeveron and the other defendants made false and misleading statements in connection with the IPO; specifically, that: (i) Lomecel-B was not as effective in treating aging frailty as Defendants had led investors to believe; (ii) accordingly, Lomecel-B’s clinical and commercial prospects with respect to aging frailty were overstated; and (iii) as a result, certain public statements in connection with the IPO and throughout the Class Period were materially false and/or misleading and failed to state information required to be stated.
What You Can Do
If you purchased Longeveron stock or securities between February 12, 2021 and August 12, 2021 and you wish to discuss this lawsuit, please contact attorney, Rhiana Swartz, at (844) 818-6980 or at rswartz@scott-scott.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.
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CONTACT:
Rhiana Swartz
Scott+Scott Attorneys at Law LLP
230 Park Ave., 17th Fl.
New York, NY 10169
(844) 818-6980
rswartz@scott-scott.com
