SMG - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Gritstone Hertz Fat Brands and Scotts and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, July 13, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Gritstone bio, Inc. (NASDAQ:GRTS), Hertz Global Holdings, Inc. (NASDAQ:HTZ), FAT Brands Inc. (NASDAQ:FAT), and The Scotts Miracle-Gro Company (NYSE:SMG). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Gritstone bio, Inc. (NASDAQ:GRTS)
Class Period: March 9, 2023 - February 29, 2024
Lead Plaintiff Deadline: August 6, 2024
Gritstone, a clinical-stage biotechnology company, engages in developing vaccine-based immunotherapy candidates against cancer and infectious diseases.
In September 2023, Gritstone entered into a contract with the Biomedical Advanced Research and Development Authority ("BARDA") to run a 10,000 participant, randomized Phase 2b double-blinded study to compare the efficacy, safety, and immunogenicity of its COVID-19 vaccine candidate (a samRNA vaccine candidate) with an approved COVID-19 vaccine (the "Phase 2b CORAL Study" or the "Study"). In a press release announcing the Phase 2b CORAL Study, the Company stated that the contract "provides strong validation of [its] innovative vaccine platform in infectious diseases," that execution of the study would be fully funded by BARDA, and that the Study would be expected to launch in the first quarter of 2024.
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) the Company would be unable to launch the Phase 2b CORAL Study in the timeframe it had represented to investors; (ii) the foregoing would impair Gritstone's ability to obtain external funding in connection with the Study, thereby negatively affecting Gritstone's ability to maintain its balance sheet and cash position; (iii) accordingly, Gritstone overstated its ability to successfully develop and commercialize its products; (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
On February 12, 2024, Gritstone issued a press release announcing that the Company was delaying the launch of the Study until Fall 2024 to purportedly "allow use of fully GMP-grade raw materials in the vaccine, which is expected to increase the regulatory utility of the trial."
Then, on February 29, 2024, Gritstone issued a press release "announc[ing] an approximately 40% reduction of its workforce", stating that "[t]he move comes following the recently announced delay of the proposed CORAL Phase 2b study, which resulted in Gritstone not receiving external funding it previously anticipated beginning in 1Q 2024, associated with the initiation of the study."
On this news, Gritstone's stock price fell $0.78 per share, or 27.86%, to close at $2.02 per share on March 1, 2024.
For more information on the Gritstone class action go to: https://bespc.com/cases/GRTS
Hertz Global Holdings, Inc. (NASDAQ:HTZ)
Class Period: April 27, 2023 - April 24, 2024
Lead Plaintiff Deadline: July 30, 2024
Hertz is a vehicle rental company that offers both internal combustion engine ("ICE") vehicle and electric vehicle ("EV") rental services from Company-operated, licensee, and franchisee locations across various countries. The Company also sells vehicles and value-added services.
With hundreds of thousands of vehicles in its rental fleet, accurately measuring vehicle depreciation—i.e., the decrease in value of the various vehicles in its fleet over time—is critical to Hertz's profitability.
In October 2021, Hertz announced that, "[a]s consumer interest in [EVs] skyrockets," the Company made "a significant investment to offer the largest EV rental fleet in ...