DiCello Levitt LLP Announces Investor Class Action Lawsuit Filed Against Acelyrin, Inc. (NASDAQ: SLRN) and Lead Plaintiff Deadline

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Dec 12, 2023, 08:00 ET

SAN DIEGO, Dec. 12, 2023 /PRNewswire/ -- DiCello Levitt LLP announces that purchasers or acquirers of ACELYRIN, Inc. ("Acelyrin" or the "Company" –NYSE: SLRN) securities between May 4, 2023 and September 11, 2023, inclusive (the "Class Period") have until January 16, 2024 to seek appointment as lead plaintiff of the Acelyrin class action lawsuit. The lawsuit charges Acelyrin and certain of its senior executive officers with violations of the Securities Exchange Act of 1934.

If you purchased shares of Acelyrin securities between May 4, 2023 and September 11, 2023, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, you may submit your information here: https://dicellolevitt.com/securities/acelyrin-inc/. You can also contact DiCello Levitt partner Brian O'Mara by calling (888) 287-9005 or at [email protected].

No Class Has Been Certified. Until a class is certified, 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. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Allegations

Acelyrin is a late-stage clinical biopharma company focused on identifying, acquiring, and accelerating the development and commercialization of transformative medicines. The Company's lead product candidate is izokibep, a small protein therapeutic designed to inhibit IL-17A with purportedly high potency, which is currently in Part B of a Phase 2b/3 clinical trial for use in the treatment of moderate to severe Hidradenitis Suppurativa ("HS").

On April 13, 2023, Acelyrin filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") in connection with the Company's Initial Public Offering ("IPO"), which, after several amendments, was declared effective by the SEC on May 4, 2023 (the "Registration Statement"). Acelyrin issued 30 million shares of its common stock to the public at the offering price of $18.00 per share for proceeds to the Company of $502.2 million after applicable underwriting discounts and commissions and on May 4, 2023, pursuant to the Registration Statement, Acelyrin's common stock began publicly trading on the Nasdaq Global Select Market under the trading symbol "SLRN."

The Acelyrin lawsuit alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) izokibep, the Company's lead product candidate, was less effective in treating Hidradenitis Suppurativa than they had led investors to believe; (ii) accordingly, Acelyrin overstated izokibep's clinical and/or commercial prospects; (iii) as a result, Defendants overstated the Company's business prospects post-IPO; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.

On September 11, 2023, Acelyrin announced disappointing top-line results from Part B of the Phase 2b/3 trial evaluating izokibep for the treatment of moderate-to-severe HS. Specifically, izokibep failed to show statistically significant reduction in abscesses and inflammatory nodules in patients as compared to placebo. On this news, Acelyrin's stock price fell a staggering 61%, or $17.19 per share, over the following two trading sessions, to close at $10.71 per share on September 13, 2023.

About DiCello Levitt

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SOURCE DiCello Levitt LLP