NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities who purchased the securities of Intellia Therapeutics, Inc. (“Intellia” or the “Company”) (NASDAQ: NTLA) between July 30, 2024 and January 8, 2025, both dates inclusive (the “Class Period”).
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that Intellia’s Phase 1/2 study evaluating NTLA-3001 for the treatment of alpha-1 antitrypsin deficiency (AATD)-associated lung disease. The Complaint alleges that Defendants’ statements included, among other things, confidence in the Company’s timeline for the aforementioned study, specifically that Intellia expected to dose the first patient in the second half of 2024. The Complaint further alleges that Defendants failed to disclose inter alia that the demand for viral-based editing was rapidly dwindling as non-viral delivery methods became a main target of the scientific research community due to their cost-effectiveness and more efficient development, thus making NTLA-3001 an inefficient program for Intellia to maintain. The Complaint continues to allege that such statements absent these material facts caused Plaintiff and other shareholders to purchase Intellia’s securities at artificially inflated prices.
According to the Complaint the truth emerged on January 9, 2025, when Intellia published a press release announcing Company reorganization. The Complaint alleges that in pertinent part, Defendants disclosed that Intellia would be halting all NTLA-3001 research and studies and that the Company would be reducing its workforce by 27% in 2025. The Complaint further alleges that specifically, the Company announced that management decided to focus Intellia’s resources on other pharmaceutical development and would be implementing cost saving in the form of a major reduction in force. The Complaint further alleges that as a result, Defendants pipeline priority readjustment resulted in the Company’s once-touted NTLA-3001’s discontinuation.
The Complaint alleges that investors and analysts reacted immediately to Intellia’s revelation. According to the Complaint the price of Intellia’s common stock declined dramatically. The Complaint alleges that from a closing market price of $12.02 per share on January 8, 2025, Intellia’s stock price fell to $10.20 per share on January 10, 2025 (which was the next trading session due to markets being closed on January 9, 2025 in observance of the passing of former President Jimmy Carter), a decline of about 15% in the span of just a single day.
Investors who purchased or otherwise acquired shares of Intellia should contact the Firm prior to the April 14, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
