ALLOVIR, INC. (NASDAQ: ALVR) DEADLINE ALERT: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against AlloVir, Inc.

By: Bernstein Liebhard LLP via GlobeNewswire

March 18, 2024 at 12:30 PM EDT

NEW YORK, March 18, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:

Do you, or did you, own shares of AlloVir, Inc. (NASDAQ: ALVR)?
Did you purchase your shares between March 22, 2022 and December 21, 2023, inclusive?
Did you lose money in your investment in AlloVir, Inc.?
Do you want to discuss your rights?

Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of AlloVir, Inc. (“AlloVir” or the “Company”) (NASDAQ: ALVR) between March 22, 2022 and December 21, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Massachusetts and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased or acquired AlloVir securities, and/or would like to discuss your legal rights and options please visit AlloVir, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.

If you wish to serve as lead plaintiff, you must move the Court no later than March 19, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

According to the Complaint, AlloVir, a clinical-stage cell therapy company, engages in the research and development of allogeneic, off-the-shelf multi-virus specific T cell (“VST”) therapies to prevent and treat devastating viral-associated diseases.

In March 2022, AlloVir initiated global phase 3 registrational studies of its lead product posoleucel for the prevention of life-threatening viral infections from viruses in high-risk, allogeneic hematopoietic cell transplant patients (the “posoleucel Phase 3 Studies”).

Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) the posoleucel Phase 3 Studies were unlikely to meet their primary endpoints; (ii) as a result, it was likely that the Company would ultimately discontinue the posoleucel Phase 3 studies; and (iii) accordingly, AlloVir overstated the efficacy and clinical and/or commercial prospects of posoleucel.

On December 22, 2023, AlloVir announced that it was discontinuing the posoleucel Phase 3 studies over efficacy concerns and stated that it would explore strategic alternatives for the Company. Specifically, AlloVir said it was discontinuing the posoleucel Phase 3 studies after pre-planned analyses concluded they wouldn’t meet their primary endpoints.

On this news, AlloVir’s stock price fell $1.57 per share, or 67.38%, to close at $0.76 per share on December 22, 2023.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com