Bragar Eagel & Squire Reminds Investors of Pending Class Actions Against Ventyx Biosciences, Anavex Life Sciences, Checkpoint Therapeutics, and Sonder Holdings
New York, NY – On April 16, 2024, Bragar Eagel & Squire, P.C. reminded investors that class actions have been commenced on behalf of stockholders of Ventyx Biosciences, Inc., Anavex Life Sciences Corp., Checkpoint Therapeutics, Inc., and Sonder Holdings Inc.
The complaints relate to the following:
Ventyx Biosciences
Class period: pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about October 21, 2021; and/or (b) Ventyx securities between October 21, 2021 and November 6, 2023.
Ventyx is a clinical-stage biopharmaceutical company that develops small-molecule product candidates to address a range of inflammatory diseases. The Company’s lead clinical product candidate is VTX958, a selective allosteric tyrosine kinase type 2 inhibitor for psoriasis, psoriatic arthritis, and Crohn’s disease.
The complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. In addition, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects.
On November 6, 2023, during after-market hours, Ventyx issued a press release announcing results from the Phase 2 SERENITY Trial. Therein, the Company disclosed that “[a]lthough the trial achieved its primary endpoint, the magnitude of efficacy observed did not meet our internal target to support the advancement of VTX958 in plaque psoriasis.”
As a result, the Company announced that it “will terminate ongoing activities in the Phase 2 plaque psoriasis trial effective immediately” and “terminate the ongoing Phase 2 trial of VTX958 in psoriatic arthritis.”
Anavex Life Sciences
Class period: December 2, 2022 to January 3, 2024.
Anavex is a biotech company that develops drugs for the treatment of neurological and psychiatric diseases.
The complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) ANAVEX®2-73 was less effective in treating Alzheimer’s disease than Defendants had led investors to believe; (ii) ANAVEX®2-73’s clinical and/or commercial prospects were overstated; (iii) accordingly, the Company had misrepresented its ability to develop and commercialize effective product candidates; (iv) Anavex’s post-trial business prospects were thus inflated; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Checkpoint Therapeutics
Class period: May 10, 2021 to December 17, 2023.
Checkpoint is a clinical-stage immunotherapy and targeted oncology company that focuses on the acquisition, development, and commercialization of novel treatments for patients with solid tumor cancers in the U.S. and internationally.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Checkpoint had overstated its oversight of, and/or its establishment of adequate manufacturing standards and controls over, its third-party contract manufacturers, all of which reduced the likelihood that the FDA would approve the cosibelimab BLA in its present form.
Sonder Holdings
Class period: April 25, 2022 to November 17, 2023.
The complaint alleges that Sonder failed to disclose all issues with its internal controls and that its financial statements contained material errors in the way Sonder accounted for the valuation and impairment of operating lease right-of-use (“ROU”) assets. As a result, Sonder would need to restate its previously issued financial statements for those periods.
For more information about the class actions against Ventyx Biosciences, Anavex Life Sciences, Checkpoint Therapeutics, and Sonder Holdings, visit the links provided.
About Bragar Eagel & Squire, P.C.
Bragar Eagel & Squire is a nationally recognized law firm that represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. The firm has offices in New York, California, and South Carolina.
For more information about Bragar Eagel & Squire, visit their website.
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