According to the Complaint, bluebird bio, Inc. is a biotechnology company that researches, develops, and commercializes gene therapies for severe genetic diseases.On April 24, 2023, Defendants announced submission of its Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for lovotibeglogene autotemcel (lovo-cel) gene therapy in patients with sickle cell disease (SCD) ages 12 and older who have a history of vaso-occlusive events (VOEs). The BLA also included a request for priority review, which, if granted, would shorten the FDA’s review of the application to six months from the time of filing, versus a standard review timeline of 10 months. The Complaint alleges that the Company’s announcement provided investors with false and misleading information in order to bolster investor expectations and share prices. Specifically, the Complaint alleges Defendants created the false impression that: (i) they could obtain FDA approval for lovocel without any box warnings for haematological malignancies; (ii) they would be granted a priority review voucher by the FDA and in turn sell it in order to strengthen their financial position for the lovocel launch; (iii) as a result, the Company had significantly overstated Lyfgenia’s clinical and/or commercial prospects; and (iv) therefore, the Company’s public statements were materially false and misleading at all relevant times, and that as a result, Plaintiff and other shareholders purchased the Company’s securities at artificially inflated prices.
Recent Security Class Actions
According to the Complaint, Evolv Technologies Holdings, Inc. describes itself as a "leader in Artificial Intelligence ("AI")- based weapons detection for security screening. Our mission is to make the world a safer and more enjoyable place to live, work, learn, and play. We are democratizing security by making it seamless for facility operators to address the chronic epidemic of escalating gun violence, mass shootings and terrorist attacks in a cost-effective manner while improving the visitor experience."
On or around July 19, 2021, Evolv went public through a SPAC merger with Newhold Investment Corp.
The Complaint alleges that Defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Evolv materially overstated the efficacy of its products; (2) the lack of effectiveness of Evolv's products with regard to detecting knives and guns led to an increased risk of undetected weapons entering locations such as schools; (3) Evolv deceived the general public, its customers, and its investors regarding the effectiveness of its products; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.
On March 22, 2024, Plug Power Inc. was sued for violations of the federal securities laws in the United States District Court for the Northern District of New York on behalf of investors who purchased or otherwise acquired the Company’s securities between May 9, 2023 and January 16, 2024, inclusive (the “Class Period”).
This action stems from a proposed transaction announced on November 30, 2020, pursuant to which The Lion Electric Company would be acquired by Northern Genesis Acquisition Corp. ("NGA").
NGA was formed as a special purpose acquisition company. Lion Electric markets itself as a designer, manufacturer, and direct seller of electric school buses and trucks.
On March 24, 2021, Defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Proxy Statement omitted material information with respect to the Proposed Transaction, rendering the Proxy Statement false and misleading. Specifically, the Complaint alleges that Defendants: (i) used materially deceptive "risk factor" statements to withhold the truth about problems facing Lion Electric, including supply chain problems with its suppliers and sub-suppliers; (ii) misled NGA's stockholders about Lion Electric's prospects using grossly unrealistic financial projections; and (iii) failed to provide NGA stockholders with the "net cash" value of their shares – the key disclosure about the fundamental purchasing power their NGA shares represented.
On May 6, 2021, NGA completed the Merger with Lion Electric, which continues to operate as The Lion Electric Company. NGA survived the Merger as a wholly-owned subsidiary of Lion Electric Company.
On March 22, 2024, The Lion Electric Company, Northern Genesis Acquisition Corp. (“NGA”) and others were sued for violations of the federal securities laws in the United States District Court for the Southern District of New York in connection with the business combination (the “Merger”) between NGA and Legacy Lion Electric, whereby NGA’s shareholders were induced to convert their shares in NGA into stock in the post-Merger Lion Electric.
On March 21, 2024, Shoals Technologies Group, Inc. was sued for violations of the federal securities laws in the United States District Court for the Middle District of Tennessee on behalf of investors who purchased Shoals common stock between May 17, 2022 and November 7, 2023, inclusive (the “Class Period”).
On March 21, 2024, The Chemours Company was sued for violations of the federal securities laws in the United States District Court for the District of Delaware on behalf of investors who purchased or otherwise acquired the Company’s shares between February 10, 2023, and February 28, 2024, inclusive (the “Class Period”).
On March 18, 2024, agilon health, inc. was sued for violations of the federal securities laws in the United States District Court for the Western District of Texas on behalf of investors who i) purchased or otherwise acquired the Company’s shares between January 9, 2023 and January 4, 2024, inclusive (the “Class Period”), and/or ii) purchased or otherwise acquired the Company’s shares pursuant or traceable to the Company’s May 2023 secondary public offering (“SPO”).
On March 18, 2024, SSR Mining Inc. was sued for violations of the federal securities laws in the United States District Court for the District of Colorado on behalf of investors who purchased or otherwise acquired publicly traded SSR Mining securities between February 23, 2022 and February 27, 2024, inclusive (the “Class Period”).
On March 15, 2024, Innoviz Technologies Ltd. was sued for violations of the federal securities laws in the United States District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired Innoviz securities between April 21, 2021 and February 28, 2023, both dates inclusive (the “Class Period”).
