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NEW YORK, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion no later than January 4, 2022 in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Silverback Therapeutics, Inc. (“Silverback” or the “Company”) (NASDAQ: SBTX) in connection with Silverback’s December 3, 2020 initial public offering; and/or (ii) Silverback securities between December 3, 2020 and September 10, 2021, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Western District of Washington and alleges violations of §§11 and 15 of the Securities Act of 1933 and §§ 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you purchased or acquired (a) Silverback common stock in connection with the IPO; and/or (b) Silverback securities during the Class Period, and/or would like to discuss your legal rights and options please visit Silverback Therapeutics Inc. Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or firstname.lastname@example.org.
On or about December 3, 2020, Silverback conducted its IPO, offering 11,500,000 shares of its common stock to the public at a price of $21 per share for anticipated proceeds of approximately $241,500,000.
According to the complaint, Defendants made false and/or misleading statements and failed to disclose that (i) Silverback's lead product candidate SBT6050 was less effective than the Company had represented to investors; and (ii) the Company had overstated SBT6050's commercial and/or clinical prospects.
On September 13, 2021, Silverback issued a press release “announc[ing] that interim data from the dose-escalation portion of its Phase 1/1b clinical trial evaluating SBT6050 as a monotherapy and in combination with pembrolizumab in patients with advanced or metastatic HER2-expressing or amplified solid tumors” were to be presented from September 16-21, 2021. The accepted abstract revealed that while there was a manageable safety profile for the Company's experimental therapy, SBT6050 yielded only one partial response among 14 HER2-positive solid tumors.
On this news, Silverback's stock price fell $4.54 per share, or 23.35%, to close at $14.90 per share on September 13, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than January 4, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Silverback Therapeutics, Inc. securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/silverbacktherapeuticsinc-sbtx-shareholder-lawsuit-class-action-fraud-stock-454/ or contact Joe Seidman toll free at (877) 779-1414 or email@example.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.