Bolt Biotherapeutics, Inc.
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Case Overview
50 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 09/02/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Bolt Biotherapeutics, Inc. |
Court: | Court: Northern District of California |
Case Number: | Case Number: 3:24cv03985 |
Class Period: | Class Period: 02/05/2021 - 05/14/2024 |
Ticker: | Ticker: BOLT |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Bolt Biotherapeutics, Inc. ("Bolt" or the "Company") (NASDAQ: BOLT) securities during the period of February 5, 2021 through May 14, 2024 inclusive (the "Class Period"). Investors have until September 2, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On May 14, 2024, Bolt issued a press release announcing that the Company would cease further development of the immune-stimulating antibody conjugate BDC-1001, its lead asset, and focus resources on BDC-3042 and BDC-4182 upon determining that BDC-1001 failed to meet its pre-defined success criteria, that the Company's Chief Executive Officer ("CEO") Randall C. Schatzman and Chief Medical Officer ("CMO") Edith Perez would be moved into advisory roles, and that Bolt would be reducing its workforce by approximately 50%. On this news, Bolt's stock price declined by $0.49 per share, or 37.12%, to close at $0.83 per share on May 15, 2024.
The lawsuit alleges that defendants made materially false and/or misleading statements and/or failed to disclose throughout the Class Period that: (i) BDC-1001 was less effective than the Company had represented to investors and was in fact unlikely to meet its pre-defined success criteria; (ii) accordingly, Defendants overstated the clinical and/or commercial prospects of Bolt's product pipeline, on which the Company primarily relies to sustain its business model; and (iii) all of the foregoing subjected the Company to a heightened risk of disruptive leadership transitions and substantial workforce reduction.
On May 14, 2024, Bolt issued a press release announcing that the Company would cease further development of the immune-stimulating antibody conjugate BDC-1001, its lead asset, and focus resources on BDC-3042 and BDC-4182 upon determining that BDC-1001 failed to meet its pre-defined success criteria, that the Company's Chief Executive Officer ("CEO") Randall C. Schatzman and Chief Medical Officer ("CMO") Edith Perez would be moved into advisory roles, and that Bolt would be reducing its workforce by approximately 50%. On this news, Bolt's stock price declined by $0.49 per share, or 37.12%, to close at $0.83 per share on May 15, 2024.
The lawsuit alleges that defendants made materially false and/or misleading statements and/or failed to disclose throughout the Class Period that: (i) BDC-1001 was less effective than the Company had represented to investors and was in fact unlikely to meet its pre-defined success criteria; (ii) accordingly, Defendants overstated the clinical and/or commercial prospects of Bolt's product pipeline, on which the Company primarily relies to sustain its business model; and (iii) all of the foregoing subjected the Company to a heightened risk of disruptive leadership transitions and substantial workforce reduction.