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Shattuck Labs Sued for Misleading Investors on Takeda Partnership

Feb. 1, 2022, 8:31 PM

Shattuck Labs Inc. is facing a proposed shareholder class action accusing the biotechnology company’s executives and investment bank underwriters of withholding material information about a collaboration with Takeda Pharmaceutical Co.

Shattuck Labs, which went public Oct. 9, 2021, led investors to believe its existing collaboration agreement with Takeda was more solid than it was, according to the lawsuit by shareholder Andrea Viti, filed Monday in the U.S. District Court for the Eastern District of New York.

The Austin, Texas-based company’s initial public offering documents didn’t disclose that the Takeda deal was subject to a one-year termination clause, if agreed upon ...