Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Gritstone bio, Inc. (GRTS)

Globe Newswire 11-Jun-2024 5:57 PM

NEW YORK, June 11, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased securities of Gritstone bio, Inc. ("Gritstone" or the "Company") (NASDAQ:GRTS) between March 9, 2023 and February 29, 2024, inclusive (the "Class Period").

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Gritstone would be unable to launch the Phase 2b CORAL Study in the timeframe it had represented to investors; (2) the foregoing would impair Gritstone's ability to obtain external funding in connection with the Phase 2b CORAL Study, thereby negatively affecting Gritstone's ability to maintain its balance sheet and cash position; (3) accordingly, Gritstone overstated its ability to successfully develop and commercialize its products; and (4) as a result, Gritstone's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of Gritstone should contact the Firm prior to the August 6, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.