San Francisco, California, Apr 19, 2022 (Newsfile Corp via COMTEX) -- San Francisco, California--(Newsfile Corp. - April 19, 2022) - Hagens Berman urges Cabaletta Bio, Inc. /zigman2/quotes/214676209/composite CABA -1.41% investors who suffered significant losses to submit your losses now . A securities fraud class action has been filed and certain investors may have valuable claims.
Cabaletta Bio, Inc. (CABA) Securities Fraud Class Action:
The lawsuit focuses on Cabaletta's statements during and after the company's Oct. 2019 initial public offering about its lead product candidate ("DSG3-CAART"), which has been in Phase I clinical trial for the treatment of mucosal pemphigus vulgaris ("Phase I Clinical Trial"), an autoimmune blistering skin disease, and Hemophilia A with Factor VIII antibodies.
Specifically, defendants misrepresented and concealed that: (1) top-line data of the Phase I Clinical Trial indicated that DSG3-CAART had, among other things, worsened certain participants' disease activity scores, necessitated additional systemic medication to improve disease activity scores and required additional systemic medication to improve disease activity after DSG3-CAART infusion; (2) accordingly, DSG3-CAART was not as effective as Cabaletta had represented to investors; and, (3) therefore, the company had overstated DSG3-CAART's clinical and/or commercial prospects.
The truth emerged on Dec. 14, 2021, when Cabaletta released disappointing top-line data on biologic activity from the two lowest dose cohorts in the Phase I Clinical Trial. The company revealed that two cohort participants had disease activity scores that worsened after DSG3-CAART infusion, and another participant subsequently received systemic medication to improve disease activity after DSG3-CAART infusion.
This news drove the price of Cabaletta shares crashing over 70% lower on Dec. 14, 2021.
"We're focused on investors' losses and proving defendants misrepresented the effectiveness of DSG3-CAART," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Cabaletta and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman .
Whistleblowers: Persons with non-public information regarding Cabaletta should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CABA@hbsslaw.com .
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers, and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com . Follow the firm for updates and news at @ClassActionLaw .
Reed Kathrein, 844-916-0895
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120656
Is there a problem with this press release? Contact the source provider Comtex at email@example.com. You can also contact MarketWatch Customer Service via our Customer Center.
copyright (c) newsfile corp. 2022. all rights reserved