Get Cash Back and $0 Commissions + The Power of TradeStation
CARIBOU ALERT: Bragar Eagel & Squire, P.C. is Investigating Caribou Biosciences, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm
Globe Newswire 6-Mar-2025 9:00 PM
NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Caribou Biosciences, Inc. (NASDAQ:CRBU) on behalf of long-term stockholders following a class action complaint that was filed against Caribou on December 24, 2024 with a Class Period from July 14, 2023 to July 16, 2024. Our investigation concerns whether the board of directors of Caribou have breached their fiduciary duties to the company.
Caribou is a clinical-stage biopharmaceutical company that purports to develop genome-edited allogeneic cell therapies for the treatment of hematologic malignancies in the U.S. and internationally. The Company's pipeline includes allogeneic, or "off-the-shelf," cell therapies from its chimeric antigen receptor ("CAR") -T ("CAR-T") cell and CAR-natural killer ("CAR-NK") cell platforms. Allogeneic cell therapies are referred to as "off-the-shelf" because they use cells that have already been collected from a donor, and which were modified, multiplied, and stored in a facility, before being infused into a patient. According to the Company, this affords allogeneic cell therapies numerous advantages over their autologous counterparts, which rely on extracting, modifying, and multiplying a patient's own cells before being infused back into that same patient. Caribou's lead product candidate is CB-010, an allogeneic anti-CD19 CAR-T cell therapy that the Company is evaluating in patients with, inter alia, relapsed or refractory large B cell non-Hodgkin lymphoma ("r/r B-NHL") in the Company's ongoing ANTLER Phase 1 clinical trial, with a focus on second-line large B cell lymphoma ("LBCL").
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants allegedly made false and/or misleading statements and/or failed to disclose that: (i) they had overstated CB-010's safety, efficacy, and durability relative to approved autologous CAR-T cell therapies in treating patients with r/r B-NHL and/or LBCL, as well as CB-010's overall clinical results and commercial prospects; (ii) Caribou was at significant risk of having insufficient cash, liquidity, and/or other capital to fund its current business operations, including preclinical research activities associated with the allogeneic CAR-NK platform; (iii) all the foregoing was likely to have a significant negative impact on Caribou's business and operations; and (iv) as a result, Defendants' public statements were materially false and misleading at all relevant times.
On June 2, 2024, Caribou issued a press release announcing that it had "presented updated clinical data from the ongoing ANTLER Phase 1 trial that [purportedly] indicates a single dose of CB-010 . . . has the potential to rival the safety, efficacy, and durability of approved autologous CAR-T cell therapies." The next day, Evercore ISI ("Evercore") analysts downgraded Caribou stock to "in line" and dropped their price target to $3.00 from $13.00, stating that they were "not yet convinced" that Caribou's therapy "will be competitive and wait on the sidelines until data in 1H 2025." In particular, the Evercore analysts stated, inter alia, that "[o]verall, efficacy of CB-010 in 2L [second-line] LBCL is not competitive vs autologous CAR-T with lower response rate and much shorter PFS [progression-free survival]", while also noting additional risks related to CB-010's safety and competition. On this news, Caribou's stock price fell $0.735 per share, or 25.52%, to close at $2.145 per share on June 3, 2024.
Then, on July 16, 2024, Caribou disclosed in a filing with the United States Securities and Exchange Commission that it had "discontinued preclinical research activities associated with its allogeneic CAR-NK platform and reduced its workforce by 21 positions, or approximately 12%", explaining that "[t]he Company is undertaking this reduction to extend its cash runway". On this news, Caribou's stock price fell $0.09 per share, or 3.3%, to close at $2.64 per share on July 17, 2024.
If you are a long-term stockholder of Caribou, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Follow us for updates on LinkedIn, X, and Facebook, and keep up with other news by following Brandon Walker, Esq. on LinkedIn and X.
