Invivyd Inc. beat a shareholder lawsuit alleging the biopharma company misled shareholders with optimistic projections about the effectiveness of its Covid-19 treatment against the omicron variant.
The proposed class action was filed after test results showed the treatment, ADG20, was much less effective against the omicron variant compared to its effectiveness against earlier variants, sending Invivyd’s stock price down.
But investors haven’t shown Invivyd, formerly Adagio Therapeutics, made misleading statements or that the company intended to defraud shareholders, Judge Julia Kobick in the US District Court for the District of Massachusetts said in a Wednesday opinion.
“As alleged in the SAC, ...
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