INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of CARGO Therapeutics, Inc - CRGX

NEW YORK, Feb. 11, 2025 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of  CARGO Therapeutics, Inc. ("Cargo" or the "Company") (NASDAQ: CRGX). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.

The investigation concerns whether Cargo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action] 

On or around November 10, 2023, Cargo conducted its initial public offering of 18.75 million shares of common stock priced at $15.00 per share. Then, on January 29, 2025, Cargo issued a press release "announc[ing] that it has elected to discontinue FIRCE-1, a Phase 2 clinical study of firi-cel for patients with large B-cell lymphoma (LBCL) whose disease relapsed or was refractory (R/R) to CD19 CAR T-cell therapy[,]" citing its view that the study's "results do not support a competitive benefit-risk profile of firi-cel for the intended patient population." The press release further stated that "[i]n-line with this decision, the Company will reduce its workforce to extend cash runway and prioritize the advancement of CRG-023 to Phase 1 proof-of-concept data as well as its novel allogeneic platform." 

On this news, Cargos' stock price fell $9.80 per share, or 74.3%, to close at $3.39 per share on January 30, 2025.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980

View original content to download multimedia:https://www.prnewswire.com/news-releases/investor-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-cargo-therapeutics-inc---crgx-302373940.html

SOURCE Pomerantz LLP