BOLT SHAREHOLDER ALERT: Edelson Lechtzin LLP Urges Bolt Biotherapeutics, Inc. (NASDAQ: BOLT) Shareholders to Consult Legal Counsel About the Pending Securities Fraud Class Action
NEWTOWN, Pa., July 12, 2024 /PRNewswire/ -- Edelson Lechtzin LLP, a leading class action law firm, reminds investors about the impending deadline to seek appointment as lead plaintiff in the securities fraud class action lawsuit against Bolt Biotherapeutics, Inc. (NASDAQ: BOLT). If you purchased Bolt Biotherapeutics common stock between February 5, 2021, and May 14, 2024, inclusive (the "Class Period") and lost more than $10,000 on your investment, you should consider seeking a leadership position in this case.
To be considered for a lead plaintiff role, a Bolt investor must file a motion in the U.S. District Court for the Northern District of California, no later than September 3, 2024. Please contact Edelson Lechtzin LLP to discuss your investment losses, at 844-696-7492 or by e-mail at [email protected]. You can also submit your trading information online HERE.
Background on Bolt Biotherapeutics, Inc.
Headquartered in Redwood City, California, Bolt is a clinical-stage biopharmaceutical company,
focused on developing immunotherapies for cancer treatment, primarily through its "Boltbody" pipeline. The Boltbody pipeline includes BDC-1001, an immune-stimulating antibody conjugate ("ISAC") targeting the tumor antigen HER2, and programs targeting the cancer antigen Claudin 18.2.
The Securities Fraud Claims
Throughout the Class Period, the Class Action Complaint alleges that Defendants made false and/or misleading statements about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose that: (i) BDC-1001 was less effective than the Company had represented to investors and was unlikely to meet its pre-defined success criteria; (ii) accordingly, Defendants overstated the clinical and/or commercial prospects of Bolt's product pipeline, which the Company relied upon to sustain its business; and (iii) the foregoing subjected the Company to a heightened risk of disruptive leadership transitions and substantial workforce reduction.
On May 14, 2024, Bolt announced it would cease development of BDC-1001, focus on BDC-3042 and BDC-4182, move its CEO and CMO to advisory roles, and reduce its workforce by 50%. Analysts immediately downgraded BOLT stock, citing concerns about the commercial prospects of BDC-3042 and BDC-4182, and the departure of the Company's CEO and CMO. On this news, Bolt's stock price fell $0.49 per share, or 37.12%, to close at $0.83 on May 15, 2024.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
SOURCE Edelson Lechtzin LLP
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