NEW YORK, Sept. 15, 2021
NEW YORK, Sept. 15, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Longeveron Inc. ("Longeveron" or the "Company") (NASDAQ: LGVN) from February 9, 2021 through August 12, 2021(the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of Florida alleges violations of the Securities Act of 1934.
If you purchased Longeveron securities, and/or would like to discuss your legal rights and options please visit Longeveron Inc Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
According to the complaint, Longeveron's Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Further, the Company issued materially false and/or misleading statements and failed to disclose adverse facts pertaining to Longeveron's business, operations, and compliance policies. Longeveron and the Offering Documents made false and/or misleading statements and/or failed to disclose that: (i) Lomecel-B was not as effective in treating aging frailty as Defendants had led investors to believe; (ii) accordingly, Lomecel-B's clinical and commercial prospects with respect to aging frailty were overstated; and (iii) as a result, the Offering Documents and Defendants' public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
On August 13, 2021, Longeveron issued two press releases, one announcing topline results of the Phase 2b Aging Frailty Trial, and a second providing a corporate update and reporting the Company's financial results for the second quarter of 2021. Both press releases disclosed, among other results, that Lomecel-B had "not achiev[ed] . . . statistical significance for the pairwise comparison to placebo" with respect to the primary efficacy endpoint.
On this news, Longeveron's stock price fell $1.51 per share, or 27.91%, to close at $3.90 per share on August 13, 2021, representing a total decline of 61% from the Offering price.
As of the time the complaint was filed, Longeveron's stock price continues to trade below the $10.00 per share Offering price, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than November 12, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Longeveron securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/longeveroninc-lgvn-shareholder-class-action-lawsuit-fraud-stock-439/ or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP