The Klein Law Firm announces that a class action complaint (Molecular Partners Class Action Lawsuit) has been filed on behalf of shareholders of Molecular Partners AG (NASDAQ: MOLN) who purchased : (a) American Depositary Shares pursuant and/or traceable to certain documents issued in connection with the Company’s initial public offering conducted on or about June 16, 2021; and/or (b) securities between June 16, 2021, and April 26, 2022. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Molecular Partners lawsuit alleges that (i) the Company’s product, ensovibep, was less effective at treating COVID-19 than defendants had led investors to believe; that (ii) accordingly, the the U.S. Food and Drug Administration (“FDA”) was reasonably likely to require an additional Phase 3 study of ensovibep before granting the drug Emergency Use Authorization (“EUA”); (iii) waning global rates of COVID-19 significantly reduced the Company’s chances of securing EUA for ensovibep; (iv) another of the Company’s product candidates, MP0310, was less attractive to Molecular Partners’ collaborator, Amgen, than defendants had led investors to believe; (v) accordingly, there was a significant likelihood that Amgen would return to global rights of MP0310 to MOLN; (vi) as a result of all the foregoing, the clinical and commercial prospects of ensovibep and MP0310 were overstated; and (vii) as a result, documents issues in connection with the Company’s initial public offer and defendants’ public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.
Shareholders have until September 12, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.