MOLN - Molecular Partners Announces Dismissal of Class Action Lawsuit | Benzinga
ZURICH-SCHLIEREN, Switzerland and CONCORD, Mass., March 01, 2024 (GLOBE NEWSWIRE) -- Molecular Partners AG ((SIX: MOLN, NASDAQ:MOLN), a clinical-stage biotech company developing a new class of custom-built protein drugs known as DARPin therapeutics, today announced that a putative class action complaint against the Company, its directors, and certain of its executive officers (the defendants) has been dismissed in the Company's favor, and the case has been ordered closed.
Molecular Partners was represented by Cooley LLP in the litigation.
The original case was filed on July 12, 2022 in the U.S. District Court for the Southern District of New York. On May 23, 2023, an amended complaint was filed. The amended complaint alleged that the defendants violated federal securities laws by, among other things, making misrepresentations and omissions regarding its product candidate MP0310 and an associated licensing agreement. The amended complaint sought unspecified compensatory damages, as well as an award of reasonable attorneys' fees and other costs, on behalf of persons and/or entities which purchased the Company's American Depositary Shares (ADSs) pursuant to certain offering documents issued in connection with the Company's initial public offering of ADSs.
On February 5, 2024, the court dismissed the amended complaint without prejudice and gave the plaintiff the opportunity to amend the complaint by February 26, 2024. On February 23, 2024, plaintiff filed a stipulation of dismissal with prejudice. On February 29, 2024, the court ordered the case closed.
About Molecular Partners AG
Molecular Partners AG ((SIX: MOLN, NASDAQ:MOLN) is a clinical-stage biotech company pioneering the design and development of DARPin therapeutics for medical ...