NEW YORK, June 30, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits have been commenced on behalf of shareholders of Intel Corporation (NASDAQ: INTC), AXT, Inc. (NASDAQ: AXTI), Harbor Diversified, Inc. (OTC: HRBR) and Altimmune, Inc. (NASDAQ: ALT). Shareholders have until the deadlines set forth below to ask the Court to serve as lead plaintiff. For more information about each case, please see the link provided.
Intel Corporation (NASDAQ:INTC)
Teaching period: January 25, 2024 – April 25, 2024
Deadline for lead plaintiff: July 2, 2024
On April 2, 2024, after the market close, Intel issued a press release announcing a retrospective revision of the company’s financial results under the new Foundry model reporting structure. It disclosed that the Foundry segment incurred an operating loss of $7 billion on revenue of $18.9 billion in 2023, that Foundry revenue in 2023 was $18.9 billion, down $8.6 billion from 2022, and that the segment’s operating loss included $2.1 million lower product profit due to lower internal sales.
On this news, Intel’s stock price fell $3.61, or 8.2%, in unusually heavy trading, to close at $40.33 per share on April 3, 2024.
On April 25, 2024, after the market closed, Intel released its financial results for the first quarter of 2024. In the first quarter, the company’s results were reported according to the foundry model. The results showed that the company’s foundry segment decreased 10% compared to the same quarter last year, generating revenue of $4.4 billion.
On this news, Intel’s stock price fell $3.23, or 9.2%, in unusually heavy trading, to close at $31.88 per share on April 26, 2024.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, Defendants failed to disclose to investors that: (1) Intel Foundry Services growth was not an indicator of revenue growth reportable in the Internal Foundry segment; (2) the Foundry incurred significant operating losses in 2023; (3) that the Foundry experienced a decline in product profit due to lower internal sales; (4) that, as a result, the Foundry model would not be a strong tailwind for the Company’s IFS strategy; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.
For more information about the Intel class action lawsuit, please visit: https://bespc.com/cases/INTC
AXT, Inc. (NASDAQ:AXTI)
Teaching period: March 24, 2021 – April 3, 2024
Deadline for lead plaintiff: July 5, 2024
According to the complaint, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (1) AXT, Inc. overstated its property holdings; (2) the Company failed to disclose that an attempted IPO of an AXT, Inc. subsidiary in China reportedly failed; (3) AXT, Inc. regularly committed environmental violations and engaged in unsafe business practices; (4) AXT’s production declined in 2023; and (5) as a result, defendants’ statements about their business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all times.
For more information about the AXT class action lawsuit, please visit: https://bespc.com/cases/AXTI
Harbor Diversified, Inc. (OTC:HRBR)
Teaching period: May 10, 2022 – March 29, 2024
Deadline for lead plaintiff: July 8, 2024
According to the complaint, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) Harbor Diversified’s financial statements from May 9, 2022 to the present were misstated due to improper revenue recognition; (2) Harbor Diversified had adequate internal controls; and (3) as a result, defendants’ statements about their business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all times.
For more information about the Harbor Diversified class action lawsuit, please visit: https://bespc.com/cases/HRBR
Altimmune, Inc. (NASDAQ:ALT)
Teaching period: December 1, 2023 – April 26, 2024
Deadline for lead plaintiff: July 5, 2024
Altimmune is a clinical-stage biopharmaceutical company focused on developing treatments for obesity and liver disease. The company’s lead product candidate is pemvidutide, a glucagon-like peptide-1 (“GLP-1”) agonist for the treatment of obesity and metabolic disorders-associated steatohepatitis (“MASH”). GLP-1 agonists are drugs that lower blood sugar levels and promote weight loss.
On November 30, 2023, Altimmune announced top-line results from its 48-week Phase 2 MOMENTUM trial evaluating pemvidutide for the treatment of obesity (the “MOMENTUM trial”). According to the company, subjects receiving pemvidutide achieved mean weight loss of 10.3%, 11.2%, 15.6%, and 2.2% at Week 48 for the 1.2 mg, 1.8 mg, and 2.4 mg doses, respectively, and placebo, with a nearly linear trajectory of sustained weight loss observed at the 2.4 mg dose at the end of treatment. The defendants touted the importance of these results to pemvidutide’s clinical and commercial prospects, as they allegedly demonstrated the drug’s viability to compete with other GLP-1 agonists for weight loss. Pemvidutide’s ability to compete with other GLP-1 agonists for weight loss was particularly important to analysts and investors because the company needed to enter into a strategic partnership with, or otherwise be acquired by, more established biopharmaceutical companies that have the cash and capital needed to fund the drug’s future.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements about the Company’s business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Altimmune exaggerated pemvidutide’s potential to differentiate itself from competing GLP-1 agonists based on the drug’s efficacy and tolerability results observed in the MOMENTUM study; (ii) accordingly, the results of the MOMENTUM study were less significant to pemvidutide’s clinical, commercial and competitive prospects than Defendants led investors to believe; (iii) as a result, Defendants exaggerated Altimmune’s prospects of finding a strategic partner to develop pemvidutide; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On February 13, 2024, Kerrisdale Capital published a report (the “Kerrisdale Report”) claiming that “a closer examination of Altimmune’s data reveals a drug that has little chance of competing with the approved established drugs or the other GLP-1 agonists in clinical trials.” Specifically, the Kerrisdale Report found that “even if pemvidutide were to result in 15.6% weight loss, this is not good enough” as competing, already approved GLP-1 agonists “semaglutide and tirzepatide (Ozempic and Mounjaro) have demonstrated better weight loss on a like-for-like basis, with the added benefit of glycemic control (which pemvidutide does not),” while noting that “the tolerability of pemvidutide is atrocious compared to these same drugs.” (Emphasis in the original.) Accordingly, the Kerrisdale report concluded: “We do not believe that legitimate potential partners will want to spend hundreds of millions of dollars and years of litigation pursuing an obvious dead end.”
On this news, Altimmune’s stock price fell $1.94 per share, or 18.65%, to close at $8.46 per share on February 13, 2024.
Then, on April 29, 2024, Bloomberg published an article titled “Altimmune Down as Guggenheim Sees Overhang in Lack of Partnership,” which stated, “Guggenheim Securities downgraded Altimmune’s stock from Buy to Neutral as a partnership for pemvidutide, the biotech’s key asset, is becoming ‘increasingly unlikely.’” Specifically, Guggenheim Securities stated that the ability to successfully fund pemvidutide’s future as an obesity treatment through a strategic partnership is becoming “increasingly unlikely” and that “the lack of a partner now, five months after the end of Phase 2, represents an overhang that can no longer be ignored” as “a major partnership or M&A event would have already occurred if pemvidutide had been viewed by potential strategic investors or investors as a serious competitor in the growing obesity/NASH space.”
On this news, Altimmune’s stock price fell $0.87 per share, or 11.98%, to close at $6.39 per share on April 29, 2024.
For more information about the Altimmune class action lawsuit, please visit: https://bespc.com/cases/ALT
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the firm, visit www.bespc.com. Attorney advertising. Past results do not guarantee similar results.
Contact information:
Bragar Eagle & Squire, PC
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com
