NEW YORK, March 30, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Shattuck Labs, Inc. (“Shattuck” or the “Company”) (NASDAQ: STTK) and certain of its officers. The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 22-cv-00795, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired publicly traded Shattuck securities: (1) pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Shattuck’s October 2020 initial public offering (the “IPO” or “Offering”); and/or (2) between October 9, 2020 and November 9, 2021, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Act of 1933 (the “Securities Act”) and violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5, promulgated thereunder.
If you are a shareholder who purchased Shattuck securities pursuant and/or traceable to the registration statement in connection to the IPO or, during the Class Period, you have until April 1, 2022 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 Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (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.
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Shattuck purports to be a clinical-stage biotechnology company pioneering the development of bi-functional fusion proteins as a new class of biologic medicine for the treatment of cancer and autoimmune disease. The Company’s programs include SL-172154 (SIRPα-Fc-CD40L) and SL-279252 (PD1-Fc-OX40L).
The Registration Statement emphasized the importance of Shattuck’s August 8, 2017 collaboration agreement (the “Collaboration Agreement”) with Millennium Pharmaceuticals, Inc., or Takeda, a wholly owned subsidiary of Takeda Pharmaceutical Company, Ltd.
The complaint alleges that, in the Registration Statement and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Collaboration Agreement with Takeda was not solid; (2) Takeda and Shattuck would “mutually agree” to terminate the Collaboration Agreement in essentially one year; (3) as a result, Shattuck would cease to receive any future milestone, royalty, or other payments from Takeda; and (4) as a result, Defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 9, 2021, the Company issued a press release entitled “Shattuck Labs Reports Third Quarter 2021 Financial Results and Recent Business Highlights” which announced the termination of the Collaboration Agreement.
On this news, Company’s share price fell $5.45 per share, or 28%, to close at $13.59 per share on November 9, 2021, on unusually heavy trading volume.
Since the IPO, and as a result of the disclosure of material adverse facts omitted from the Company’s Registration Statement, Shattuck’s share price has fallen significantly below its IPO price, damaging Plaintiff and Class members. On February 10, 2022, the Company’s share price closed at $5.13 per share.
Additionally, due to the materially deficient Registration Statement, Defendants have also violated their independent, affirmative duty to provide adequate disclosures about adverse conditions, risk and uncertainties. Item 303 of Securities and Exchange Commission Reg. S-K, 17 C.F.R. §229.303(a)(3)(ii) requires that the materials incorporated in a registration statement disclose all “known trends or uncertainties” reasonably expected to have a material unfavorable impact on the Company’s operations.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, 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.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
