CABALETTA BIO, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania against Cabaletta Bio, Inc.
LEAD PLAINTIFF DEADLINE IS APRIL 29, 2022
NEW YORK, March 28, 2022 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Cabaletta Bio, Inc. ("Cabaletta" or the "Company") (NASDAQ: CABA) in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons and entities who purchased or otherwise acquired Cabaletta securities between October 24, 2019 and December 13, 2021, both dates inclusive (the "Class Period"); or who purchased or otherwise acquired Cabaletta common stock pursuant and/or traceable to the October 24, 2019 Initial Public Offering ("IPO").
All investors who purchased the shares of Cabaletta Bio, Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in Cabaletta Bio, Inc. you may, no later than April 25, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Cabaletta Bio, Inc.
PLEASE CLICK HERE TO JOIN THE CASE
According to the filed complaint, the IPO offering documents and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- top-line data of the Phase 1 Clinical Trial indicated that DSG3-CAART had, among other things, worsened certain participants' disease activity scores and necessitated additional systemic medication to improve disease activity after DSG3-CAART infusion;
- accordingly, DSG3-CAART was not as effective as the Company had represented to investors;
- therefore, the Company had overstated DSG3-CAART's clinical and/or commercial prospects; and
- as a result, the Company's public statements were materially false and misleading at all relevant times.
On December 14, 2021, Cabaletta issued a press release "report[ing] top-line data on biologic activity from the two lowest dose cohorts in the DesCAARTes™ Phase 1 clinical trial of DSG3-CAART for the treatment of patients with mucosal Pemphigus Vulgaris (mPV)." Among other results, Cabaletta reported that two cohort participants had "disease activity scores that worsened . . . after DSG3-CAART infusion" and thus "reduced or discontinued selected systemic therapies prior to DSG3-CAART infusion, as required by the protocol", while another participant "subsequently received systemic medication to improve disease activity after DSG3-CAART infusion."
On this news, Cabaletta's stock price fell $9.15 per share, or 73.14%, to close at $3.36 per share on December 14, 2021.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
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