SAN DIEGO, May 21, 2022 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers of Homology Medicines, Inc. (NASDAQ: FIXX) securities between June 10, 2019 and February 18, 2022, inclusive (“Class Period”) have until this Tuesday, May 24, 2022 to seek appointment as lead plaintiff in Pizzuto v. Homology Medicines, Inc., No. 22-cv-01968 (C.D. Cal.). The Homology class action lawsuit charges Homology as well as certain of its top executive officers with violations of the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: Homology’s lead product candidate is HMI-102, a gene therapy for the treatment of phenylketonuria (“PKU”) in adults that is in Phase I/II pheNIX clinical trial (“HMI-102 Trial”).
The Homology class action alleges, among other things, that defendants failed to disclose that: (i) Homology had overstated HMI-102’s efficacy and risk mitigation; and (ii) accordingly, it was unlikely that Homology would be able to commercialize HMI-102 in its present form.
On July 21, 2020, Mariner Research published a report concluding that Homology concealed data showing HMI-102’s lack of efficacy and indicating that the program was unlikely to proceed to commercialization. On this news, Homology’s stock price fell by more than 10%.
Then, on February 18, 2022, Homology disclosed that “the U.S. Food and Drug Administration (FDA) has notified the company that its pheNIX gene therapy trial of HMI-102 in adults with phenylketonuria (PKU) has been placed on clinical hold due to the need to modify risk mitigation measures” and that Homology “expects to receive an official clinical hold letter within 30 days.” On this news, Homology’s stock price fell by more than 32%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Homology securities during the Class Period to seek appointment as lead plaintiff. 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.
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