Gossamer Bio, Inc.
Lead Plaintiff Deadline: 06/02/2020
SUMMARY OF CASE:
A securities class action has been filed against Gossamer Bio, Inc. (GOSS) on behalf of all investors who purchased or otherwise acquired Gossamer Bio, Inc. common stock between February 8, 2019 through December 13, 2019. This case has been filed in the USDC – S.D.Cal.
Gossamer is a clinical-stage biopharmaceutical company focused on developing and commercializing therapeutics in the areas of immunology, inflammation, and oncology. The company’s most advanced product is its GB001 drug, a DP2 antagonist, in development to treat asthma. In February 2019, Gossamer held its initial public offering (“IPO”) of common stock, selling approximately 19.8 million shares at $16.00 each.
The complaint alleges that the materials supporting this offering, and certain of Gossamer’s post-IPO public filings, may have misled investors or otherwise omitted material facts relevant to Gossamer’s GB001 drug and its related clinical trials and studies.
On December 16, 2019, Novartis announced that it was terminating the development of its DP2 antagonist for asthma after it failed a pair of phase 3 clinical trials. As a result, Gossamer’s common stock dropped by approximately 37% in one day. The stock has continued to plummet, and is presently trading around $10.00 per share.