Full Press Release Details
SAN FRANCISCO, Jan. 07, 2025 (GLOBE NEWSWIRE) -- BioAge Labs (NASDAQ: BIOA), a biopharmaceutical company focused on metabolic diseases, is facing a class-action lawsuit from shareholders who allege the company misled investors about the safety and prospects of a key drug candidate before its initial public offering last September.
Hagens Berman urges investors who purchased BioAge shares in the company’s IPO or on the open market and suffered substantial losses to submit your losses now.
Defined Class: Purchasers in BioAge Labs, Inc. September 2024 IPO
Lead Plaintiff Deadline: Mar. 10, 2025
Contact the Firm Now: BIOA@hbsslaw.com
BioAge Labs, Inc. (BIOA) Securities Class Action:
The lawsuit, Soto v. BioAge Labs, Inc., filed in the U.S. District Court for the Northern District of California, centers on the company’s STRIDES Phase 2 clinical trial for azelaprag, an investigational drug. The suit claims that offering documents for BioAge’s IPO, which raised $227.7 million by selling 12.65 million shares at $18 each, contained “materially false and/or misleading” statements.
Specifically, the lawsuit alleges that BioAge presented a picture of the STRIDES trial free of safety concerns and confidently predicted positive top-line results and the achievement of primary endpoint goals. However, just months after the IPO, on December 6, 2024, the company announced it was halting the trial after some participants experienced elevated liver enzymes, a condition known as transaminitis.
The announcement sent BioAge’s stock plummeting more than 76 percent. By the time the lawsuit was filed, the stock was trading around $5.82 a share, a significant drop from its IPO price.
The lawsuit, brought by shareholders who purchased or acquired BioAge stock connected to the IPO, accuses the company and certain of its executives and directors of violating the Securities Act of 1933.
The recent disclosure and precipitous stock drop have driven shareholder rights firm Hagens Berman to open an investigation.
“The close proximity between BioAge’s initial public offering and the discontinued trial raise questions about the company’s disclosures leading up to the IPO,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in BioAge and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the BioAge case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding BioAge should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BIOA@hbsslaw.com.
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895