Caribou Biosciences Shareholders Drop Executive, Board Lawsuit

Caribou Biosciences Inc. investors are dropping allegations that current and former executives and board members misled them about the biopharmaceutical company’s financial stability and lead cell therapy product’s outlook.

It’s not in the best interests of Caribou or themselves to continue litigating this derivative action, the stockholders told US District Court for the Northern District of California Judge Haywood S. Gilliam, Jr. Thursday. The suit, which they agreed to dismiss while leaving the ability to refile, said leadership hurt Caribou’s reputation and wallet by causing the company to overstate the cancer therapy’s commercial viability, among other claims.

• Caribou’s stock ...