ACELYRIN, Inc.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On September 11, 2023, Acelyrin released the top-line results from Part B of a Phase 2b/3 trial for its Hidradenitis Suppurativa (HS) treatment, izokibep, after the markets had closed. The announcement revealed that izokibep did not achieve statistical significance in reducing abscesses and inflammatory nodules in patients compared to a placebo.
Following this news, Acelyrin’s stock price experienced a significant decline of $17.19, representing a 61.6% drop over the subsequent two consecutive trading days. It closed at $10.71 per share on September 13, 2023, causing harm to investors.
The class action complaint filed in this case alleges that during the Class Period, the Defendants made false or misleading statements and failed to disclose critical adverse facts regarding the Company’s business, operations, and prospects. Specifically, the Defendants did not disclose the following to investors: (1) izokibep’s lower effectiveness in treating HS than what they had previously indicated to investors; (2) consequently, Acelyrin had overstated izokibep’s clinical and commercial potential; (3) as a result, Acelyrin had also overstated its business prospects post-IPO; and (4) therefore, the Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and lacked a reasonable basis throughout the relevant times.
