Altimmune Investor Sues After Liver Trial Results, Stock Drop

Altimmune Inc. overhyped its topline trial results of a liver disease treatment to investors before sharing that one of its goals lacked statistical significance because of a greater-than-expected placebo response, a lawsuit said.

The biopharmaceutical company’s stock price plummeted more than 53% to close at $3.61 on June 26, the day it shared topline results of a Phase 2b trial for its experimental weight-loss drug to treat metabolic dysfunction-associated steatohepatitis. It was the stock’s steepest one-day slide in more than two years, according to data compiled by Bloomberg. ...