NEW YORK, April 06, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Gossamer Bio, Inc. (“Gossamer” or the “Company”) (NASDAQ: GOSS) in the United States District Court for the Southern District of California on behalf of those who purchased or acquired the securities of Gossamer (i) pursuant and/or traceable to the Company’s initial public offering in February 2019 (the “IPO”); and/or (ii) between February 8, 2019 and December 13, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Gossamer investors under the federal securities laws.
The Complaint alleges that the materials supporting the IPO, and certain of Gossamer’s post-IPO public filings, may have misled investors or otherwise omitted material facts relevant to Gossamer’s GB001 drug and its related clinical trials and studies. On December 16, 2019, Novartis announced that it was terminating the development of its DP2 antagonist for asthma after it failed a pair of phase 3 clinical trials. As a result, Gossamer’s common stock dropped by approximately 37% in one day. The stock has continued to drop and is presently trading around $10.00 per share. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Gossamer pursuant to the IPO and/or during the Class Period should contact the Firm prior to the June 2, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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