Solid Biosciences, Inc. (NASDAQ: SLDB)
Defendants conducted an initial public offering of Solid Biosciences on or about January 25, 2018. In this IPO, the Company sold approximately 7 million shares at $16 per share to investors.
On March 15, 2018, Defendants announced the U.S. Food and Drug Administration placed a clinical hold on the Company’s Phase 1/2 trial assessing its SGT-001 drug in patients with Duchenne muscular dystrophy. This news drove the price of Solid Biosciences shares down $16.99, or about 65%, to close at $9.32.
The Motley Fool later reported that just prior to the IPO, a prominent researcher left its board because of risks associated with the drug delivery method for Solid Biosciences’ SGT-001 drug.
“We’re focused on investors’ losses and Defendants’ disclosures about internal concerns over the safety of the SGT-001 delivery method leading up to- and after- the IPO,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Solid Biosciences should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SLDB@hbsslaw.com.
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