PR Newswire
NEW YORK, Oct. 4, 2024
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Moderna To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 in Moderna between January 18, 2023 and June 25, 2024and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Oct. 4, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Moderna, Inc. ("Moderna" or the "Company") (NASDAQ: MRNA) and reminds investors of the October 8, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) mRNA-1345 was less effective than Defendants had led investors to believe; (2) accordingly, mRNA-1345's clinical and/or commercial prospects were overstated; and (3) as a result, the Company's public statements were materially false and misleading at all relevant times.
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 Company's press release indicated a vaccine efficacy of only 78.7%, significantly lower than the 83.7% vaccine efficacy that Moderna had previously identified in its mRNA-1345 BLA rolling submission to the FDA. Following this announcement, analysts and market observers were quick to note mRNA-1345's lower-than-expected efficacy rate.
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.
Then, on June 26, 2024, in a presentation before the Centers for Disease Control and Prevention's ("CDC") Advisory Committee on Immunization Practices, Moderna disclosed that after 18 months, mRNA-1345 proved only 49.9% to 50.3% effective against multiple symptoms of lower respiratory tract disease-a significantly lower efficacy rate than vaccines produced by Moderna's competitors.
Following this presentation, market analysts once again took notice of mRNA-1345's reduced efficacy rate. For example, in an article published the same day, Reuters stated, in relevant part, that "Moderna [. . .] opens new tab respiratory syncytial virus (RSV) shot mRESVIA showed 50% efficacy in preventing RSV after 18 months," and that, by comparison, the RSV vaccines of Moderna's competitors GSK and Pfizer were "78% effective in preventing severe RSV over a second year" and "78% effective through a second RSV season," respectively. Also on June 26, 2024, Bloomberg published an article entitled "Moderna RSV Vaccine Efficacy Sinks Over Time, CDC Documents Show," which stated, in relevant part, that "[t]he results could further raise doubts over the prospects for its shot, which is already third to the market. Moderna shares fell as much as 11%, their biggest intraday decline since November."
On this news, Moderna's stock price fell $15.15 per share, or 11.01%, to close at $122.45 per share on June 26, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Moderna's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Moderna class action, go to www.faruqilaw.com/MRNA or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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