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INVESTOR DEADLINE APPROACHING: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Allovir
ALVRAlloVir(ALVR) Newsfilter·2024-03-01 14:30

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against AlloVir, Inc. due to allegations of violations of federal securities laws related to misleading statements about the posoleucel Phase 3 studies [1][2]. Summary by Sections Legal Investigation - Faruqi & Faruqi, LLP is encouraging investors who suffered losses exceeding 25,000inAlloVirstockoroptionsbetweenMarch22,2022,andDecember21,2023,tocontactthemforlegaloptions[1].−Thefirmhasahistoryofrecoveringhundredsofmillionsofdollarsforinvestorssinceitsfoundingin1995[2].AllegationsAgainstAlloVir−ThecomplaintallegesthatAlloViranditsexecutivesmadefalseandmisleadingstatementsregardingtheposoleucelPhase3studies,including:−Thestudieswereunlikelytomeettheirprimaryendpoints[2].−ThelikelihoodofdiscontinuationoftheposoleucelPhase3studies[2].−Overstatingtheefficacyandcommercialprospectsofposoleucel[2].−Publicstatementsmadebythecompanyweremateriallyfalseandmisleading[2].StockPriceImpact−FollowingtheannouncementonDecember22,2023,thatAlloVirwoulddiscontinuetheposoleucelPhase3studiesduetoefficacyconcerns,thestockpricefellby25,000 in AlloVir stock or options between March 22, 2022, and December 21, 2023, to contact them for legal options [1]. - The firm has a history of recovering hundreds of millions of dollars for investors since its founding in 1995 [2]. Allegations Against AlloVir - The complaint alleges that AlloVir and its executives made false and misleading statements regarding the posoleucel Phase 3 studies, including: - The studies were unlikely to meet their primary endpoints [2]. - The likelihood of discontinuation of the posoleucel Phase 3 studies [2]. - Overstating the efficacy and commercial prospects of posoleucel [2]. - Public statements made by the company were materially false and misleading [2]. Stock Price Impact - Following the announcement on December 22, 2023, that AlloVir would discontinue the posoleucel Phase 3 studies due to efficacy concerns, the stock price fell by 1.57 per share, or 67.38%, closing at $0.76 per share [3]. Class Action Details - The lead plaintiff in a class action is the investor with the largest financial interest who directs the litigation on behalf of the class [3]. - Any member of the class can move the court to serve as lead plaintiff or remain an absent class member without affecting their ability to share in any recovery [3].