Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against ACELYRIN, Inc. (SLRN)

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LOS ANGELES, Jan. 05, 2024 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 16, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired ACELYRIN, Inc. (“Acelyrin” or the “Company”) (NASDAQ: SLRN) securities between May 4, 2023 and September 11, 2023, inclusive (the “Class Period”).

If you suffered a loss on your Acelyrin investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Acelyrin-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

In May 2023, Acelyrin conducted its initial public offering (“IPO”), selling 30 million shares of common stock at $18 per share.

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On September 11, 2023, after the markets closed, Acelyrin announced top-line results from Part B of a Phase 2b/3 trial of its Hidradenitis Suppurativa (HS) treatment, izokibep. Disclosing that izokibep “did not meet statistical significance” in the reduction in abscesses and inflammatory nodules in patients as compared to placebo.

On this news, Acelyrin’s stock price fell $17.19, or 61.6%, over the next two consecutive trading days, to close at $10.71 per share on September 13, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, 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, Defendants failed to disclose to investors that: (1) izokibep was less effective in treating HS than Defendants had led investors to believe; (2) accordingly, Acelyrin overstated izokibep’s clinical and/or commercial prospects; (3) as a result, Acelyrin also overstated the Company’s business prospects post-IPO; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Acelyrin securities during the Class Period, you may move the Court no later than January 16, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.com

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