SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Caribou Biosciences, Inc. of Class Action Lawsuit and Upcoming Deadlines - CRBU

NEW YORK, Dec. 27, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Caribou Biosciences, Inc. ("Caribou" or the "Company") (NASDAQ: CRBU) and certain officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 24-cv- 09413 is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Caribou securities between July 14, 2023 and July 16, 2024, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased or otherwise acquired CRBU securities during the Class Period, you have until February 24, 2025 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Caribou is a clinical-stage biopharmaceutical company that purports to develop genome-edited allogeneic cell therapies for the treatment of hematologic malignancies in the U.S. and internationally. The Company's pipeline includes allogeneic, or "off-the-shelf," cell therapies from its chimeric antigen receptor ("CAR") -T ("CAR-T") cell and CAR-natural killer ("CAR-NK") cell platforms. Allogeneic cell therapies are referred to as "off-the-shelf" because they use cells that have already been collected from a donor, and which were modified, multiplied, and stored in a facility, before being infused into a patient. According to the Company, this affords allogeneic cell therapies numerous advantages over their autologous counterparts, which rely on extracting, modifying, and multiplying a patient's own cells before being infused back into that same patient.
Caribou's lead product candidate is CB-010, an allogeneic anti-CD19 CAR-T cell therapy that the Company is evaluating in patients with, inter alia, relapsed or refractory large B cell non-Hodgkin lymphoma ("r/r B-NHL") in the Company's ongoing ANTLER Phase 1 clinical trial, with a focus on second-line large B cell lymphoma ("LBCL").

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) they had overstated CB-010's safety, efficacy, and durability relative to approved autologous CAR-T cell therapies in treating patients with r/r B-NHL and/or LBCL, as well as CB-010's overall clinical results and commercial prospects; (ii) Caribou was at significant risk of having insufficient cash, liquidity, and/or other capital to fund its current business operations, including preclinical research activities associated with the allogeneic CAR-NK platform; (iii) all the foregoing was likely to have a significant negative impact on Caribou's business and operations; and (iv) as a result, Defendants' public statements were materially false and misleading at all relevant times.

On June 2, 2024, Caribou issued a press release announcing that it had "presented updated clinical data from the ongoing ANTLER Phase 1 trial that [purportedly] indicates a single dose of CB-010 . . . has the potential to rival the safety, efficacy, and durability of approved autologous CAR-T cell therapies."

The next day, Evercore ISI ("Evercore") analysts downgraded Caribou stock to "in line" and dropped their price target to $3.00 from $13.00, stating that they were "not yet convinced" that Caribou's therapy "will be competitive and wait on the sidelines until data in 1H 2025." In particular, the Evercore analysts stated, inter alia, that "[o]verall, efficacy of CB-010 in 2L [second-line] LBCL is not competitive vs autologous CAR-T with lower response rate and much shorter PFS [progression-free survival]", while also noting additional risks related to CB-010's safety and competition.

On this news, Caribou's stock price fell $0.735 per share, or 25.52%, to close at $2.145 per share on June 3, 2024.

Then, on July 16, 2024, Caribou disclosed in a filing with the United States Securities and Exchange Commission that it had "discontinued preclinical research activities associated with its allogeneic CAR-NK platform and reduced its workforce by 21 positions, or approximately 12%", explaining that "[t]he Company is undertaking this reduction to extend its cash runway". 

On this news, Caribou's stock price fell $0.09 per share, or 3.3%, to close at $2.64 per share on July 17, 2024.

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 billions of dollars in 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

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SOURCE Pomerantz LLP