Drug News

Acelyrin, Inc. Faces Wrath of Investors in Landmark Securities Class Action

Kessler Topaz Meltzer & Check, LLP has announced the initiation of a securities class action lawsuit against Acelyrin, Inc. (NASDAQ: SLRN). The legal action alleges that Acelyrin violated federal securities laws by engaging in omissions and fraudulent misrepresentations regarding its business, operations, and prospects, causing substantial losses for investors.

The class period for the lawsuit is from May 4, 2023, to September 11, 2023. Investors who suffered losses during this period are urged to contact the law firm, with the lead plaintiff deadline set for January 16, 2024.

The alleged misconduct by Acelyrin includes its Initial Public Offering (IPO) on May 5, 2023, where it sold 30 million shares at $18.00 per share. On September 11, 2023, the company announced disappointing top-line results from the Phase 2b/3 trial of its lead drug candidate, “izokibep,” leading to a significant stock price decline of 61.61% over two trading sessions.

Post the class period, on November 27, 2023, Acelyrin disclosed an error in the testing protocol by the Contract Research Organization overseeing the izokibep trials. This revelation caused another stock price decline of over 30% on November 28, 2023.

Investors wishing to discuss their rights and potential involvement in the lawsuit can contact Jonathan Naji, Esq. at Kessler Topaz Meltzer & Check, LLP, at (484) 270-1453 or via email at info@ktmc.com.

Kessler Topaz Meltzer & Check, LLP, recognized for its advocacy against corporate fraud, has taken legal action against Acelyrin, Inc., asserting that misleading statements and omissions by the company resulted in significant financial losses for investors. Ongoing developments in the legal proceedings will be monitored and reported.


Joan David-Leonhard

Joan David Leonhard is a recent Pharm.D graduate with a strong passion for the pharmaceutical industry and a particular interest in pharmaceutical media and communication. Her brief internship experience includes roles in pharmacy where she built strong patient-pharmacist relationships and a pharmaceutical media internship where she actively contributed to drug information articles, blog posts, social media engagement, and various media projects.
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