Safirstein Metcalf LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts 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, including securities purchased pursuant and/or traceable to the Company’s January 25, 2018 initial public offering (the “Class Period”).
If you purchased Solid Biosciences securities during the class period, and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email info@SafirsteinMetcalf.com
If you wish to serve as lead plaintiff, you must move the Court no later than May 29, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.
Solid Biosciences completed an initial public offering (“IPO”) of common stock on or about January 25, 2018, selling over 8.9 million shares of stock to investors at $16.00 per share for gross proceeds of over $143 million. The 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.