Metagenomi Misrepresented Moderna Partnership, Investor Says (1)

Metagenomi Inc. misleadingly touted a multi-year drug development relationship with Moderna Inc. in the run-up to the genetic medicine company’s initial public offering, an investor alleges.

The collaboration ended abruptly less than three months after Metagenomi’s February IPO, causing a 12% stock drop, Kevin Vreeland says. He filed his proposed class action Thursday in the US District Court for the Northern District of California.

Under the October 2021 agreement, “Metagenomi was to utilize its gene editing systems in combination with Moderna’s mRNA and LNP technologies” to develop new therapies for genetic diseases over a four-year span, Vreeland says. Metagenomi completed ...