NEW YORK, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Avidity Biosciences, Inc. (“Avidity” or the “Company”) (NASDAQ: RNA). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Avidity and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around June 12, 2020, Avidity conducted its initial public offering (“IPO”), selling 14.4 million shares of common stock priced at $18.00 per share. Then, on September 27, 2022, Avidity issued a press release “announc[ing] that the U.S. Food and Drug Administration (FDA) has placed a partial clinical hold on new participant enrollment in the Phase 1/2 MARINA™ clinical trial of AOC 1001 in adults with myotonic dystrophy type 1 (DM1).” Avidity stated that “[t]he partial clinical hold is in response to a serious adverse event reported in a single participant in the 4mg/kg cohort of the MARINA study.”
On this news, Avidity’s stock price fell $2.05 per share, or 10.93%, to close at $16.70 per share on September 27, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
