Lawsuit filed for Investors who lost money with shares of Altimmune, Inc. (NASDAQ: ALT)

An investor, who purchased shares of Altimmune, Inc. (NASDAQ: ALT), filed a lawsuit over alleged violations of Federal Securities Laws by Altimmune, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Altimmune, Inc. (NASDAQ: ALT) have certain options and for certain investors are short and strict deadlines running. Deadline: July 5, 2024. NASDAQ: ALT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Gaithersburg, MD based Altimmune, Inc., a clinical stage biopharmaceutical company, focuses on developing treatments for obesity and liver diseases. The Company's lead product candidate is pemvidutide, a glucagon-like peptide-1 ("GLP-1") agonist for the treatment of obesity and metabolic dysfunction-associated steatohepatitis ("MASH"). GLP-1 agonists are medications that help lower blood sugar levels and promote weight loss.

On November 30, 2023, Altimmune announced topline results from its 48-week MOMENTUM Phase 2 trial evaluating pemvidutide for the treatment of obesity (the "MOMENTUM Trial"). According to the Company, at week 48, subjects receiving pemvidutide achieved mean weight losses of 10.3%, 11.2%, 15.6% and 2.2% at the 1.2 mg, 1.8 mg, and 2.4 mg doses and placebo, respectively, with a near-linear trajectory of continued weight loss observed on the 2.4 mg dose at the end of treatment. Defendants touted the significance of these results to pemvidutide's clinical and commercial prospects as they purportedly evidenced the drug's viability to compete with other GLP-1 agonists targeting weight-loss. Pemvidutide's ability to compete with other GLP-1 agonists targeting weight-loss was particularly important to analysts and investors given the Company's need to establish a strategic partnership with, or otherwise be acquired by, more established biopharmaceutical companies with the cash and capital needed to ensure funding for the drug's future.

On February 13, 2024, market analyst Kerrisdale Capital released a report entitled "Altimmune Inc. (ALT): Fat Chance" (the "Report"). The Report stated, among other things, that "a deeper examination of Altimmune's data reveals a drug [pemvidutide, formerly known as ALT-801] with little chance of competing against either the approved incumbents or the other GLP-1 agonists progressing through clinical trials."
The Report also stated that "[b]oth semaglutide and tirzepatide (Ozempic and Mounjaro) have demonstrated superior weight-loss on a comparable basis, with the added benefit of controlling blood-sugar (which pemvidutide does not)." The Report further stated that "it gets worse: pemvidutide's tolerability is atrocious. Despite conducting a trial that offered free and unfettered weight-loss medication amidst the Ozempic social frenzy, a third of pemvidutide trial participants - and 42% of patients taking the 2.4mg dose - discontinued treatment." The Report summarily stated that "[t]he odds of this crew getting an edge over Novo Nordisk or Eli Lilly - with an inferior and intolerable drug - are slim."

Then, on April 29, 2024, Bloomberg published an article entitled "Altimmune Down as Guggenheim Sees Overhang in No Partnership," reporting that "Guggenheim Securities downgraded [Altimmune's] stock to neutral from buy saying [a] partnership for the biotech's lead asset pemvidutide look[s] 'increasingly unlikely.'" In particular, Guggenheim Securities stated that the opportunity to successfully fund pemvidutide's future as a treatment for obesity through a strategic partnership was "growing increasingly tenuous" and that "[t]he failure of a partner to emerge now five months from the end of Ph[ase] 2 presents an overhang that can no longer be ignored" as "a major partnership or M&A event would have materialized already if pem[vidutide] was viewed as a serious competitor in the growing obesity/ NASH landscapes by potential strategics or investors[.]"

Shares of Altimmune, Inc. (NASDAQ: ALT) declined from $12.99 per share on January 10, 2024, to as low as $6.28 per share on April 29, 2024.

The plaintiff claims that between December 1, 2023 and April 26, 2024, the Defendants made false and/or misleading statements and/or failed to disclose that Altimmune overstated the potential for pemvidutide to stand out from competing GLP-1 agonists based on the drug's efficacy and tolerability results observed in the MOMENTUM Trial, that accordingly, the MOMENTUM Trial results were less significant to pemvidutide's clinical, commercial, and competitive prospects than Defendants had led investors to believe, that as a result of all the foregoing, Defendants had overstated Altimmune's prospects for finding a strategic partner to develop pemvidutide, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Altimmune, Inc. (NASDAQ: ALT) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.