NEW YORK, April 17, 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 or otherwise acquired Zenas BioPharma, Inc. (“Zenas BioPharma” or the “Company”) (NASDAQ: ZBIO) securities in connection with the initial public offering (the “IPO”) held on or around September 13, 2024 (the “Class Period”) and/or which said securities are traceable thereto. The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (i) Zenas BioPharma materially overstated the amount of time that it would be able to fund its operations using existing cash and expected net proceeds from the IPO; and (ii) as a result, Defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
According to the Complaint, on November 12, 2024, shortly after the IPO, the Company filed with the SEC its quarterly report on Form 10-Q for the period ended September 30, 2024 (the “3Q24 Report”). The Complaint alleges that in pertinent part, the 3Q24 Report stated that the Company could fund its operations for the following twelve months, not twenty-four, as it had stated in the Registration Statement. The Complaint alleges that since the IPO, and as a result of the disclosure of material adverse facts omitted from Zenas BioPharma’s Registration Statement, Zenas BioPharma’s share price has fallen substantially below its IPO price, damaging Plaintiff and Class members. According to the Complaint as of the close of trading on April 15, 2025, the closing price of Zenas BioPharma stock was $8.72, 48.7% below the IPO price.
Investors who purchased or otherwise acquired shares of Zenas BioPharma should contact the Firm prior to the June 16, 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.
