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Thu. Jul 18th, 2024

ALTIMMUNE, INC. (NASDAQ: ALT) INVESTOR ALERT: Bernstein

By Vaseline Jun10,2024

NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP:

  • Do you own shares of Altimmune, Inc.? (NASDAQ:ALT)?
  • Did you buy your shares between December 1, 2023 and April 26, 2024?
  • Did you lose money on your investment in Altimmune, Inc.?
  • Would you like to discuss your rights?

Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who own the securities of Altimmune, Inc. (“Altimmune” or the “Company”) (NASDAQ: ALT) between December 1, 2023 and April 26, 2024, including (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Maryland and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

like you purchased or acquired Altimmune securities and/or would like to discuss your legal rights and options go to Altimmune, Inc. Shareholder Class Action Lawsuit or contact the Investor Relations Manager Peter Allocco at (212) 951-2030 or [email protected].

Altimmune is a clinical-stage biopharmaceutical company focused on developing treatments for obesity and liver diseases. The company’s lead product candidate is pemvidutide, a glucagon-like peptide-1 (“GLP-1”) agonist for the treatment of obesity and metabolic dysfunction-associated steatohepatitis (“MASH”). GLP-1 agonists are medications that help lower blood sugar levels and promote weight loss.

According to the complaint, Defendants failed to disclose to investors that: (i) Altimmune overestimated the potential of pemvidutide to differentiate itself from competing GLP-1 agonists based on the drug’s efficacy and tolerability results observed in the MOMENTUM study ; (ii) accordingly, the results of the MOMENTUM study were less important to pemvidutide’s clinical, commercial, and competitive prospects than Defendants had led investors to believe; and (iii) as a result of all the foregoing, Defendants had overestimated Altimmune’s prospects for finding a strategic partner for the development of pemvidutide.

On February 13, 2024, Kerrisdale Capital published a report (the “Kerrisdale Report”) claiming that “a deeper examination of Altimmune’s data reveals a drug with little chance of competing with the approved incumbents or the other GLP -1 agonists evolving through clinical trials.” trials.” In particular, the Kerrisdale report found that “even if pemvidutide resulted in a 15.6% weight loss, that is not good enough,” because competing, already approved GLP-1 agonists “semaglutide and tirzepatide (Ozempic and Mounjaro ) have delivered superior performance. weight loss on a similar basis, with the added benefit of controlling blood sugar levels (which pemvidutide does not),” noting that “the tolerability of pemvidutide is abysmal” compared to the same medications. Accordingly, the Kerrisdale report concluded that “we do not believe that legitimate potential partners want to spend hundreds of millions of dollars and years of litigation pursuing an obvious dead end.”

On this news, Altimmune’s stock price fell $1.94 per share, or 18.65%, to close at $8.46 per share on February 13, 2024.

Then, on April 29, 2024, Bloomberg published an article titled “Altimmune Down as Guggenheim Sees Overhang in No Partnership,” reporting that “Guggenheim Securities downgraded (Altimmune’s) shares from buy to neutral and announced (a) partnership for the has downgraded the biotech sector’s most important assets. look(s) ‘increasingly unlikely.’”

On this news, Altimmune’s stock price fell $0.87 per share, or 11.98%, to close at $6.39 per share on April 29, 2024.

If you wish to serve as lead plaintiff, you must move the Court no later than this July 5, 2024. 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 does not require you to serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

like you purchased or acquired Altimmune securities and/or would like to discuss your legal rights and options go to Altimmune, Inc. Shareholder Class Action Lawsuit or contact the Investor Relations Manager Peter Allocco at (212) 951-2030 or [email protected].

Since 1993, Bernstein Liebhard LLP has recovered more than $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the nation’s largest public and private pension funds to monitor their assets and file lawsuits on their behalf. As a result of its success in litigating hundreds of lawsuits and class actions, the firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and has been named to The Legal 500 for sixteen years in a row.

LAWYER ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Past results do not guarantee or predict a similar outcome with respect to future issues.

Contact details:

Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]

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