Molecular Partners is facing a class action lawsuit alleging that the Company made materially false and/or misleading statements and/or failed to disclose that: (i) the Company's product, ensovibep, was less effective at treating COVID-19 than defendants had led investors to believe; that (ii) accordingly, the the U.S. Food and Drug Administration (“FDA”) was reasonably likely to require an additional Phase 3 study of ensovibep before granting the drug Emergency Use Authorization (“EUA”); (iii) waning global rates of COVID-19 significantly reduced the Company’s chances of securing EUA for ensovibep; (iv) another of the Company's product candidates, MP0310, was less attractive to Molecular Partners' collaborator, Amgen, than defendants had led investors to believe; (v) accordingly, there was a significant likelihood that Amgen would return to global rights of MP0310 to Molecular Partners; (vi) as a result of all the foregoing, the clinical and commercial prospects of ensovibep and MP0310 were overstated; and (vii) as a result, documents issues in connection with the Company's initial public offer and defendants’ public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.
If you incurred a loss on MOLN: (a) American Depositary Shares purchased pursuant and/or traceable to certain documents issued in connection with the Company’s initial public offering conducted on or about June 16, 2021; and/or (b) securities purchased between June 16, 2021, and April 26, 2022, this lawsuit is on your behalf. The lawsuit was filed in the United States District Court for the Southern District of New York, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until September 12, 2022 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.