NEW YORK, April 02, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of those who acquired bluebird bio, Inc. (“Blue” or the “Company”) (NASDAQ: BLUE) securities during the period of April 24, 2023 through December 8, 2023, inclusive (“the Class Period”). Investors have until May 28, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On December 8, 2023, Blue announced that the United States Food and Drug Administration (FDA) approved its drug Lyfgenia, also known as lovo-cel for the treatment of sickle cell disease in patients ages 12 and older who have a history of vaso-occlusive events. However, the Lyfgenia approval came with a black box warning for haematological malignancies after two patients developed AML during the clinical trials. Prior press releases and statements did not indicate the possibility of a black box warning. On an earnings call that same day, the Company’s Chief Medical Officer stated that “[t]he potential for a box warning was something we anticipated and it was built into our commercial projections.” On this news, the price of Blue shares declined by $1.95 per share, or approximately 40%, from $4.81 on December 7, 2023 to close at $2.86 per share on December 8, 2023.
The lawsuit alleges that Blue provided investors with false and misleading information in order to bolster investor expectations and share prices. Specifically, the Company created the false impression that: (i) they could obtain FDA approval for lovo-cel 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.
If you purchased or otherwise acquired Blue securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
