Robbins Geller Rudman & Dowd LLP announces that purchasers of Shattuck Labs, Inc. (NASDAQ: STTK) publicly traded securities: (1) pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Shattuck Labs’ October 2020 initial public offering (the “IPO”); and/or (2) between October 9, 2020 and November 9, 2021, inclusive (the “Class Period”) have until April 1, 2022 to seek appoint as lead plaintiff in Viti v. Shattuck Labs, Inc., No. 22-cv-00560 (E.D.N.Y.). Commenced on January 31, 2022, the Shattuck Labs class action lawsuit charges Shattuck Labs, certain of its top executives and directors, as well as the underwriters of the IPO with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Shattuck Labs class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Shattuck Labs class action lawsuit must be filed with the court no later than April 1, 2022.
CASE ALLEGATIONS: Shattuck Labs purports to be a clinical-stage biotechnology company pioneering the development of bi-functional fusion proteins as a new class of biologic medicine for the treatment of cancer and autoimmune disease. On or about October 9, 2020, Shattuck Labs held the IPO, issuing approximately 13.6 million shares to the investing public at $17.00 per share, pursuant to the Registration Statement. In doing so, the Registration Statement emphasized the importance of Shattuck Labs’ August 8, 2017 collaboration agreement (the “Collaboration Agreement”) with Millennium Pharmaceuticals, Inc., or Takeda, a wholly owned subsidiary of Takeda Pharmaceutical Company, Ltd.
The Shattuck Labs class action lawsuit alleges that the IPO’s Registration Statement was negligently prepared and, as a result, contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading, and was not prepared in accordance with the rules and regulations governing its preparation. Specifically, the Registration Statement and defendants failed to disclose that: (i) the Collaboration Agreement with Takeda was not solid; (ii) Takeda and Shattuck Labs would “mutually agree” to terminate the Collaboration Agreement in essentially one year; (iii) as a result, Shattuck Labs would cease to receive any future milestone, royalty, or other payments from Takeda; and (iv) as a result, defendants’ statements about Shattuck Labs’ business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 9, 2021, Shattuck Labs issued a press release entitled “Shattuck Labs Reports Third Quarter 2021 Financial Results and Recent Business Highlights” which announced the termination of the Collaboration Agreement. On this news, Shattuck Labs’ share price fell approximately 28%, damaging investors.
On the day the Shattuck Labs class action lawsuit was commenced, the price of Shattuck Labs shares closed at $6.91 per share, a nearly 60% decline from the $17.00 per share IPO price.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits purchasers of Shattuck Labs securities (1) pursuant and/or traceable to the Registration Statement issued in connection with the IPO and/or (2) during the Class Period to seek appointment as lead plaintiff in the Shattuck Labs class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Shattuck Labs class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Shattuck Labs class action lawsuit. An investor’s ability to share in any potential future recovery of the Shattuck Labs class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.
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Contacts
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
