NEW YORK, Oct. 14, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Avidity Biosciences, Inc. (“Avidity” or the “Company”) RNA. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation concerns whether Avidity and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
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On or about June 12, 2020, Avidity completed its initial public offering (“IPO”), selling 14.4 million shares of common stock at a price of $18.00 per share. Then, on September 27, 2022, Avidity issued a press release announc[ing] that the US Food and Drug Administration (FDA) has partially clinically suspended enrollment of new participants in the MARINA™ Phase 1/2 clinical trial of AOC 1001 in adults with myotonic dystrophy type 1 (DM1).[t]The partial clinical interruption is in response to a serious adverse event reported in a single participant in the 4 mg/kg cohort of the MARINA study.”
As a result of this news, Avidity’s stock price fell $2.05 per share, or 10.93%, to close at $16.70 per share on September 27, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomlaw.com.
CONTACT:
Robert S Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
