Moderna, Inc. Class Action Lawsuit - MRNA
Case Summary
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The Moderna class action lawsuit seeks to represent purchasers or acquirers of Moderna, Inc. (NASDAQ: MRNA) securities between January 18, 2023 and June 25, 2024, inclusive (the “Class Period”). Captioned Wentz v. Moderna, Inc., No. 24-cv-12058 (D. Mass.), the Moderna class action lawsuit charges Moderna and certain of Moderna’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Moderna class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Moderna class action lawsuit must be filed with the court no later than October 8, 2024.
CASE ALLEGATIONS: Moderna is a biotechnology company that discovers, develops, and commercializes messenger RNA (“mRNA”) therapeutics and vaccines for the treatment of infectious diseases, immuno-oncology, rare diseases, autoimmune, and cardiovascular diseases. The complaint alleges that in July 2023, Moderna initiated a rolling submission of a Biologics License Application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) for real-time review of mRESVIA (“mRNA-1345”).
The Moderna class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) mRNA-1345 was less effective than defendants had led investors to believe; and (ii) accordingly, mRNA-1345’s clinical and/or commercial prospects were overstated.
The Moderna class action lawsuit further alleges that on May 31, 2024, Moderna indicated a vaccine efficacy for mRNA-1345 of only 78.7%, significantly lower than the 83.7% vaccine efficacy that Moderna had previously identified in its mRNA-1345 BLA rolling submission to the FDA. On this news, the price of Moderna stock fell nearly 6%, according to the complaint.
Then, on June 26, 2024, the Moderna class action lawsuit further alleges that Moderna disclosed that after 18 months, mRNA-1345 proved only 49.9% to 50.3% effective against multiple symptoms of lower respiratory tract disease – a significantly lower efficacy rate than vaccines produced by Moderna’s competitors. On this news, the price of Moderna stock fell more than 11%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Moderna securities during the Class Period to seek appointment as lead plaintiff in the Moderna class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Moderna class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Moderna class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Moderna class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.