AnaptysBio, Inc. (NASDAQ: ANAB) Investor Securities Class Action Lawsuit 03/25/2020

If you purchased a significant amount of shares of AnaptysBio, Inc. (NASDAQ: ANAB) between October 10, 2017 and November 7, 2019, and / or if you purchased any NASDAQ: ANAB shares prior to October 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: May 25, 2020. NASDAQ: ANAB investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
AnaptysBio
Case Name: 
AnaptysBio Shareholder Class Action Lawsuit 03/25/2020
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: ANAB
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/25/2020
Class Period Begin: 
10/10/2017
Class Period End: 
11/07/2019
Court of Filing: 
U.S. District Court for the Southern District of California
Deadline To File for Lead: 
05/25/2020
Summary: 

An investor in shares of AnaptysBio, Inc. (NASDAQ: ANAB) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by AnaptysBio, Inc. in connection with certain allegedly false and misleading statements made between October 10, 2017 and November 7, 2019.

San Diego, CA based AnaptysBio, Inc., a clinical stage biotechnology company, engages in developing antibody product candidates focused on unmet medical needs in inflammation. AnaptysBio, Inc's lead drug asset was etokimab (formerly ANB020), a drug intended for the treatment of various inflammatory diseases. AnaptysBio, Inc. reported that its annual Total Revenue rose from $5.00 million in 2018 to $8.00 million in 2019, and that its Net Loss increased from $61.65 million in 2018 to $97.33 million in 2019.

On March 26, 2018, an analyst from RBC Capital Markets issued a report that questioned the veracity of data from AnaptysBio's interim analysis of its Phase 2a clinical trial for etokimab in adult patients with peanut allergies that the Company had reported earlier that day. In particular, the RBC report revealed that the response rate for etokimab in the full trial population "does not appear to be meaningfully differentiated" relative to a placebo. Less than five months later, in August 2018, the Company abandoned its clinical pursuit of etokimab as a treatment for peanut allergies.

On June 21, 2019, an analyst from Credit Suisse issued a report questioning the reliability of the Company's Phase 2a atopic dermatitis trial data. Specifically, the Credit Suisse report questioned patients' use of topical corticosteroids to supplement treatment of their symptoms as a rescue therapy during the study and criticized the Company's failure to provide details on the timing of rescue therapy use or whether the subjects that utilized rescue therapy were classified as responders. As a result of the Company's misleading atopic dermatitis trial data, Credit Suisse was "now less certain about etokimab's efficacy profile, particularly in atopic dermatitis."

Then, on November 8, 2019, the Company announced "very disappoint[ing]" data from its ATLAS trial, a Phase 2b multi-dose study which evaluated the efficacy of etokimab in approximately 300 patients with moderate-to-severe atopic dermatitis. Specifically, AnaptysBio disclosed that each of the etokimab dosing arms "failed to meet the primary endpoint of the trial" by not demonstrating statistically greater efficacy relative to a placebo. As a result of these disclosures, the price of AnaptysBio common stock declined precipitously.

Shares of AnaptysBio, Inc. (NASDAQ: ANAB) declined from $83.10 per share on March 2019 to as low as $10.00 per share on November 8, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of AnaptysBio, Inc. (NASDAQ: ANAB) common shares between October 10, 2017 and November 7, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between October 10, 2017 and November 7, 2019, the defendants made false and misleading statements regarding the purported efficacy of etokimab, touting data from the Company's Phase 2a trial in peanut allergies as showing a "remarkable efficacy result" and describing the drug as having a "pretty profound efficacy" in its treatment of patients with atopic dermatitis based on AnaptysBio's Phase 2a trial data for that indication, that in truth, the Defendants provided misleading clinical trial data which failed to disclose key information and used questionable analysis, making the trial results regarding etokimab's efficacy and its prospects appear far better than they were, and that as a result of Defendants' misrepresentations, shares of AnaptysBio common stock traded at artificially inflated prices between October 10, 2017 and November 7, 2019.