Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises ACELYRIN, Inc. (“Acelyrin” or the “Company”) (NASDAQ: SLRN) investors that a lawsuit filed on behalf of investors that purchased Acelyrin securities between May 4, 2023 and September 11, 2023, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On September 11, 2023, Acelyrin released the top-line results from Part B of a Phase 2b/3 trial for its Hidradenitis Suppurativa (HS) treatment, izokibep, after the markets had closed. The announcement revealed that izokibep did not achieve statistical significance in reducing abscesses and inflammatory nodules in patients compared to a placebo.
Following this news, Acelyrin's stock price experienced a significant decline of $17.19, representing a 61.6% drop over the subsequent two consecutive trading days. It closed at $10.71 per share on September 13, 2023, causing harm to investors.
The class action complaint filed in this case alleges that during the Class Period, the Defendants made false or misleading statements and failed to disclose critical adverse facts regarding the Company's business, operations, and prospects. Specifically, the Defendants did not disclose the following to investors: (1) izokibep's lower effectiveness in treating HS than what they had previously indicated to investors; (2) consequently, Acelyrin had overstated izokibep's clinical and commercial potential; (3) as a result, Acelyrin had also overstated its business prospects post-IPO; and (4) therefore, the Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and lacked a reasonable basis throughout the relevant times.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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