Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased ACELYRIN, Inc. (“Acelyrin” or the “Company”) (NASDAQ: SLRN) securities between May 4, 2023 and September 11, 2023, inclusive (the “Class Period”). Acelyrin investors have until January 16, 2024 to file a lead plaintiff motion.
Investors suffering losses on their Acelyrin investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
In May 2023, Acelyrin conducted its initial public offering (“IPO”), selling 30 million shares of common stock at $18 per share.
On September 11, 2023, after the markets closed, Acelyrin announced top-line results from Part B of a Phase 2b/3 trial of its Hidradenitis Suppurativa (HS) treatment, izokibep. Disclosing that izokibep “did not meet statistical significance” in the reduction in abscesses and inflammatory nodules in patients as compared to placebo.
On this news, Acelyrin's stock price fell $17.19, or 61.6%, over the next two consecutive trading days, to close at $10.71 per share on September 13, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) izokibep was less effective in treating HS than Defendants had led investors to believe; (2) accordingly, Acelyrin overstated izokibep’s clinical and/or commercial prospects; (3) as a result, Acelyrin also overstated the Company’s business prospects post-IPO; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Acelyrin securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20231122586526/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
