NEW YORK, March 17, 2022 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a securities class action in the United States District Court for the Eastern District of New York on behalf of investors who purchased or otherwise acquired common stock of Shattuck Labs, Inc. (“Shattuck” or “Company”) (NASDAQ: STTK) from October 9, 2020 and November 9, 2021, inclusive (the "Class Period"). If you lost more than $300,000 in Shattuck, you should contact the Firm.
According to the complaint, Shattuck conducted its IPO on October 9, 2020, offering approximately 13,664,704 shares at $17.00 per share. The Registration Statement in support of the IPO emphasized the importance of Shattuck's August 8, 2017 collaboration agreement with Millennium Pharmaceuticals, Inc., or Takeda, a wholly owned subsidiary of Takeda Pharmaceutical Company, Ltd. However, defendants failed to disclose that the collaboration agreement was not solid and Takeda and Shattuck would "mutually agree" to terminate the agreement in a year. As a result, Shattuck would cease to receive any future milestone, royalty, or other payments from Takeda.
On November 9, 2021, just a year after its IPO, Shattuck announced the termination of the collaboration agreement. On this news, the Company's stock price fell $5.45 per share, or 28%, to close at $13.59 per share on November 9, 2021. The stock continued to decline, and as of the date of the filing of the class action, the stock traded at just $6.13 per share.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than April 1, 2022. Any member of the proposed Class may serve as the Lead Plaintiff through counsel of their choice. You may obtain additional information about this lawsuit and your ability to become a Lead Plaintiff by contacting our attorneys at investigations@lowey.com or at 914-733-7256.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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Lowey Dannenberg P.C.
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Tel: (914) 733-7228
Email: investigations@lowey.com
