Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Bolt To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $50,000 in Bolt between February 5, 2021 and May 14, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Bolt Biotherapeutics, Inc. (“Bolt” or the “Company”) (NASDAQ: BOLT) and reminds investors of the September 3, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) BDC-1001 was less effective than the Company had represented to investors and was in fact unlikely to meet its pre-defined success criteria; (2) accordingly, Defendants overstated the clinical and/or commercial prospects of Bolt’s product pipeline, on which the Company primarily relies to sustain its business model; (3) all of the foregoing subjected the Company to a heightened risk of disruptive leadership transitions and substantial workforce reduction; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On May 14, 2024, Bolt announced in a press release that the Company would “cease further development of trastuzumab imbotolimod (BDC-1001),” Bolt's lead asset, “and reduce workforce by approximately 50%.” Following Bolt's announcement, multiple analysts downgraded the Company's stock.
On this news, Bolt's stock price fell $0.49 per share, or more than 37.12%, to close at $00.83 per share on May 15, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Bolt’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Bolt class action, go to www.faruqilaw.com/BOLT or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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