SAN
DIEGO, Dec. 12, 2023 /PRNewswire/ -- DiCello
Levitt LLP announces that purchasers or acquirers of ACELYRIN, Inc.
("Acelyrin" or the "Company" – NYSE: SLRN) securities between
May 4, 2023 and September 11, 2023, inclusive (the "Class
Period") have until January 16, 2024
to seek appointment as lead plaintiff of the Acelyrin class action
lawsuit. The lawsuit charges Acelyrin and certain of its
senior executive officers with violations of the Securities
Exchange Act of 1934.
If you purchased shares of Acelyrin securities between
May 4, 2023 and September 11, 2023, and suffered substantial
losses, and you wish to serve as lead plaintiff in this lawsuit,
you may submit your information here:
https://dicellolevitt.com/securities/acelyrin-inc/. You can also
contact DiCello Levitt partner Brian
O'Mara by calling (888) 287-9005 or at
investors@dicellolevitt.com.
No Class Has Been Certified. Until a class is certified, you are
not represented by counsel unless you retain one. You may select
counsel of your choice. You may also remain an absent class member
and do nothing at this point. An investor's ability to share in any
potential future recovery is not dependent upon serving as lead
plaintiff.
Allegations
Acelyrin is a late-stage clinical biopharma company focused on
identifying, acquiring, and accelerating the development and
commercialization of transformative medicines. The Company's lead
product candidate is izokibep, a small protein therapeutic designed
to inhibit IL-17A with purportedly high potency, which is currently
in Part B of a Phase 2b/3 clinical
trial for use in the treatment of moderate to severe Hidradenitis
Suppurativa ("HS").
On April 13, 2023, Acelyrin filed
a registration statement on Form S-1 with the U.S. Securities and
Exchange Commission ("SEC") in connection with the Company's
Initial Public Offering ("IPO"), which, after several amendments,
was declared effective by the SEC on May 4,
2023 (the "Registration Statement"). Acelyrin issued 30
million shares of its common stock to the public at the offering
price of $18.00 per share for
proceeds to the Company of $502.2
million after applicable underwriting discounts and
commissions and on May 4, 2023,
pursuant to the Registration Statement, Acelyrin's common stock
began publicly trading on the Nasdaq Global Select Market under the
trading symbol "SLRN."
The Acelyrin lawsuit alleges that throughout the
Class Period, Defendants made materially false and misleading
statements regarding the Company's business, operations, and
prospects. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) izokibep, the
Company's lead product candidate, was less effective in treating
Hidradenitis Suppurativa than they had led investors to believe;
(ii) accordingly, Acelyrin overstated izokibep's clinical and/or
commercial prospects; (iii) as a result, Defendants overstated the
Company's business prospects post-IPO; and (iv) as a result, the
Company's public statements were materially false and misleading at
all relevant times.
On September 11, 2023, Acelyrin
announced disappointing top-line results from Part B of the Phase
2b/3 trial evaluating izokibep for
the treatment of moderate-to-severe HS. Specifically, izokibep
failed to show statistically significant reduction in abscesses and
inflammatory nodules in patients as compared to placebo. On this
news, Acelyrin's stock price fell a staggering 61%, or
$17.19 per share, over the following
two trading sessions, to close at $10.71 per share on September 13, 2023.
About DiCello Levitt
At DiCello Levitt, we are dedicated to achieving justice for our
clients through class action, business-to-business, public client,
whistleblower, personal injury, civil and human rights, and mass
tort litigation. Our lawyers are highly respected for their ability
to litigate and win cases – whether by trial, settlement, or
otherwise – for people who have suffered harm, global corporations
that have sustained significant economic losses, and public clients
seeking to protect their citizens' rights and interests. Every day,
we put our reputations – and our capital – on the line for our
clients.
DiCello Levitt has achieved top recognition as Plaintiffs Firm
of the Year and Trial Innovation Firm of the Year by the
National Law Journal, in addition to its top-tier
Chambers and Benchmark ratings. For more information
about the Firm, including recent trial victories and case
resolutions, please visit www.dicellolevitt.com.
Attorney Advertising. Prior results do not guarantee a similar
outcome.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/dicello-levitt-llp-announces-investor-class-action-lawsuit-filed-against-acelyrin-inc-nasdaq-slrn-and-lead-plaintiff-deadline-302011934.html
SOURCE DiCello Levitt LLP