RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Solid Biosciences Inc. (“Solid Biosciences” or the “Company”) (NASDAQ: SLDB) securities between January 25, 2018 and March 14, 2018, inclusive (the “Class Period”).
Solid Biosciences shareholders may, no later than May 29, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Solid Biosciences and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Solid Biosciences operates as a biotechnology company. The Company’s lead product candidate, SGT-001, is a gene therapy designed and developed for its potential to help restore functional dystrophin protein expression in patients’ muscles.
On or about January 25, 2018, Solid Biosciences completed an initial public offering (“IPO”) of common stock, selling over 8.9 million shares of stock to investors at $16.00 per share for gross proceeds of over $143 million.
Among other things, the shareholder class action complaint alleges that Solid Biosciences’ IPO documents were negligently prepared, contained untrue statements of material fact, and were not prepared in accordance with the rules and regulations governing their preparation. Specifically, the complaint alleges that the Company’s IPO documents failed to disclose: (i) that Solid Biosciences’ lead drug candidate SGT-001 had a high likelihood of causing adverse events in patients; and (ii) that Solid Biosciences misled investors regarding the toxicity of SGT-001.
On March 14, 2018, Solid Biosciences disclosed that the U.S. Food and Drug Administration (“FDA”) had placed a clinical hold on the Company’s SGT-001 Phase I/II clinical trial. The FDA’s clinical hold was imposed in response to a report made to the FDA of a “Suspected Unexpected Serious Adverse Reaction” occurring in the “first patient dosed in the clinical trial.”
Following this news, shares of the Company’s stock declined $16.99 per share, or nearly 65%, to close on March 15, 2018 at $9.32.
If you are a member of the class, you may, no later than May 29, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.