Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Moderna Inc. (MRNA)

Globe Newswire 12-Aug-2024 1:55 PM

NEW YORK, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities who purchased or otherwise acquired Moderna Inc. ("Moderna" or the "Company") (NASDAQ:MRNA) securities between January 18, 2023 and June 25, 2024, inclusive (the "Class Period"). The lawsuit seeks to recover damages for the Company's investors under the federal securities laws.

The Complaint alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges that the Defendants failed to disclose to investors that: (i) mRNA-1345 was less effective than Defendants had led investors to believe; (ii) accordingly, mRNA-1345's clinical and/or commercial prospects were overstated; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.

The Complaint further alleges that on May 31, 2024, Moderna issued a press release "announc[ing] that the [FDA] has approved mRESVIA (mRNA-1345) . . . to protect adults aged 60 years and older from lower respiratory tract disease caused by RSV infection." However, the complaint alleges that the Company's press release indicated a vaccine efficacy of only 78.7%, significantly lower than the 83.7% vaccine efficacy rate that Moderna had previously identified in its July 2023 BLA rolling submission to the FDA.

The Complaint further alleges that following this announcement, market analysts took notice of mRNA-1345's lower-than-expected vaccine efficacy rate. The Complaint further alleges, Reuters published an article that same day entitled "US FDA approves Moderna's RSV vaccine with lower-than-expected efficacy in its label." According to the Complaint on this news, Moderna's stock price fell $8.94 per share, or 5.9%, to close at $142.55 per share on May 31, 2024.

Investors who purchased or otherwise acquired shares of Moderna should contact the Firm prior to the October 8, 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.