Altimmune, Inc. (NASDAQ: ALT)

This lawsuit is for anyone who acquired securities in Altimmune, Inc. (NASDAQ: ALT) from December 1, 2023 through April 26, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by misstating the results of the Company’s clinical trial of its obesity drug, pemvidutide. The Company told investors that the drug was more efficient in helping people lose weight than the Company knew the drug to be based on the trial.

On February 13, 2024, Kerrisdale Capital published a report alleging, among other things, that “a deeper examination of Altimmune’s data reveals a drug with little chance of competing against either the approved incumbents or the other GLP-1 agonists progressing through clinical trials.” The report further stated that Altimmune’s weight loss drug was “not good enough” to compete with Ozempic or Mounjaro, which have “demonstrated superior weight-loss on a comparable basis, with the added benefit of controlling blood-sugar (which pemvidutide does not).” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on April 29, 2024, Bloomberg reported that Guggenheim Securities had downgraded Altimmune’s stock to neutral from buy, stating that that the opportunity to successfully fund pemvidutide’s future as a treatment for obesity through a strategic partnership was “growing increasingly tenuous.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Altimmune, Inc. (NASDAQ: ALT) from December 1, 2023 through April 26, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.