Invivyd, Inc. (NasdaqGM: IVVD) f/k/a Adagio Therapeutics, Inc. (NasdaqGM: ADGI)
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until April 3, 2023 to file lead plaintiff applications in a securities class action lawsuit against Invivyd, Inc. (the “Company”) (NasdaqGM: IVVD) f/k/a Adagio Therapeutics, Inc. (“Adagio”) (NasdaqGM: ADGI).
Invivyd and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 14, 2021, the Company (then named Adagio) disclosed that in vitro test results for ADG20, its lead product candidate against the COVID-19 Omicron variant, revealed that it was 300 times less effective at neutralizing Omicron than it was against the other variants, despite assuring investors of the efficacy against Omicron only a few weeks prior.
On this news, shares of Adagio plummeted nearly 80%, from $34.26 per share on December 13, 2021, to $7.26 per share when the market closed on December 14, 2021.
The case is Brill v. Invivyd, Inc., No. 23-cv-10254.