NEW YORK, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Solid Biosciences Inc. (“Solid Biosciences” or the “Company”) (NASDAQ: SLDB). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Solid Biosciences and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 13, 2019, post-market, Solid Biosciences announced its financial and operating results for the first quarter of 2018. Among other results, Solid Biosciences reported adverse events in the Phase 1/2 clinical trial, IGNITE DMD, evaluating its lead gene therapy candidate SGT-001 in patients with Duchenne muscular dystrophy. Solid Biosciences disclosed that a “patient in the treatment group was diagnosed with a gastrointestinal infection that was classified as a serious adverse event unrelated to study drug, as well as a transient decline in platelet count that was considered a non-serious adverse event related to study drug”. On this news, Solid Biosciences’ stock price fell $2.94 per share, or roughly 33.2%, over the following two trading sessions, closing at $5.91 per share on May 15, 2019.
Then, on November 12, 2019, Solid Biosciences reported that the U.S. Food and Drug Administration had placed the IGNITE DMD trial on clinical hold after a patient experienced a serious adverse event related to SGT-001. Specifically, Solid Biosciences described the event as “characterized by complement activation, thrombocytopenia, a decrease in red blood cell count, acute kidney injury, and cardio-pulmonary insufficiency.” On this news, the Company’s stock price fell $8.18 per share, or 74.36%, to close at $2.82 per share on November 12, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby