Legal Reminder for Moderna Shareholders: Important Class Action Update
Legal Update for Moderna Investors Amid Class Action Proceedings
Faruqi & Faruqi, LLP Securities Litigation Partner Josh Wilson encourages investors who have experienced significant losses exceeding $100,000 in Moderna to reach out and discuss their options.
For those who faced financial losses during their investment in Moderna between January 18, 2023, and June 25, 2024, contacting Faruqi & Faruqi is vital. Investors can reach out to partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) for a discussion about their legal rights.
Faruqi & Faruqi, LLP is actively investigating potential claims against Moderna, Inc. (NASDAQ: MRNA), reminding investors of the October 8, 2024 deadline for seeking the role of lead plaintiff in a federal securities class action that has been filed against the company.
The Allegations Against Moderna
The ongoing complaint asserts that Moderna and its executives violated federal securities laws by providing false information and failing to disclose crucial facts regarding their vaccines. Specifically, it alleges that the mRNA-1345 vaccine was less effective than claimed, and its clinical prospects were overstated, leading to misleading public statements.
Key Developments in the Case
On May 31, 2024, Moderna made headlines by announcing that the FDA had approved their mRESVIA (mRNA-1345) vaccine aimed at protecting adults aged 60 and older from respiratory tract diseases caused by RSV infection. However, the announcement revealed a lower vaccine efficacy of just 78.7%, which was considerably less than the previously reported 83.7% efficacy mentioned in earlier FDA submissions. This news led to a noticeable drop in the company's stock price.
Following the announcement, On May 31, 2024, Moderna's share price fell by $8.94, a decrease of 5.9%, closing at $142.55 per share. This dramatic decrease was pivotal, reflecting market reactions to the disappointing efficacy rates provided by the company.
Reactions and Further Disclosures
On June 26, 2024, during a presentation for the CDC's Advisory Committee on Immunization Practices, Moderna disclosed that mRNA-1345 showed only 49.9% to 50.3% efficacy against various symptoms of respiratory tract diseases after 18 months, which significantly underperformed compared to its rivals' vaccines. Follow-up reports noted that competitors like GSK and Pfizer marketed vaccines with efficacy rates of around 78% across multiple RSV seasons.
In the wake of this information, Moderna's stock took another hit, dropping $15.15 per share or 11.01%, closing at $122.45 on the same day. These developments significantly affected investor confidence and raised questions regarding the viability of the mRNA-1345 vaccine.
The lead plaintiff in this case will be determined as the individual with the largest financial stake who can adequately represent the interests of the class. Any investor who feels they meet the criteria can approach the court to serve as the lead plaintiff or remain an absent class member without affecting their potential recovery.
Invitation to Share Information
Faruqi & Faruqi, LLP encourages anyone with additional information about Moderna's conduct, including former employees and shareholders, to come forward. The firm looks to gather valuable insights and strengthen the case for affected investors.
For further details regarding the Moderna class action, investors can visit www.faruqilaw.com/MRNA or reach out directly at the provided phone numbers for any inquiries.
Faruqi & Faruqi, LLP has established itself as a prominent national securities law firm, recovering significant amounts for investors since its inception in 1995. The firm maintains offices across several states, allowing them to serve a broad investor base.
Frequently Asked Questions
What is the class action lawsuit about?
The lawsuit alleges that Moderna provided misleading information regarding the efficacy of its mRNA-1345 vaccine, impacting investor decisions.
Who can become a lead plaintiff?
The lead plaintiff is typically the investor with the largest financial interest who can adequately represent the class.
How can I participate in the lawsuit?
Investors can reach out to Faruqi & Faruqi to discuss their eligibility and the necessary steps to participate.
What are the deadlines relevant to this class action?
The critical deadline for seeking the role of lead plaintiff is October 8, 2024.
Where can I find more information?
More details can be found on the Faruqi & Faruqi website or by calling their office directly.
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