NEW YORK, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Kyverna Therapeutics, Inc. (NASDAQ: KYTX), Sun Communities (NYSE: SUI), Cassava Sciences, Inc (NASDAQ: SAVA), and MGP Ingredients, Inc. (NASDAQ: MGPI). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Kyverna Therapeutics, Inc. (NASDAQ: KYTX)
Class Period: Kyverna securities pursuant and/or traceable to the Company's offering documents issued in connection with its initial public offering ("IPO") conducted on February 8, 2024
Lead Plaintiff Deadline: February 7, 2025
According to the Complaint, the Company made false and misleading statements to the market. Kyverna was in possession of adverse data related to one of its ongoing trials. The Company’s lead product was negatively impacted by the undisclosed adverse data, which made the trends and disclosed results in the offering documents misleading. The Company’s discussion of risk factors failed to adequately describe the risk of it withholding clinical data. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Kyverna, investors suffered damages.
For more information on the Kyverna class action go to: https://bespc.com/cases/KYTX
Sun Communities (NYSE: SUI)
Class Period: February 28, 2019 - September 24, 2024
Lead Plaintiff Deadline: February 10, 2025
The complaint alleges that defendants provided investors with material information concerning SUI’s accounting practices and internal control over financial reporting. On September 24, 2024, after market close, an investment research report emerged calling into question the integrity of SUI’s Board and the integrity of the Company’s governance, controls, and financial disclosures. Investors and analysts reacted immediately to SUI’s revelation. The price of SUI’s common stock declined dramatically. From a closing market price of $139.10 per share on September 24, 2024, SUI’s stock price fell to a low of $137.48 per share on September 25, 2024.
For more information on the Sun Communities class action go to: https://bespc.com/cases/SUI
Cassava Sciences, Inc (NASDAQ: SAVA)
Class Period: February 7, 2024 - November 24, 2024
Lead Plaintiff Deadline: February 10, 2025
The complaint alleges that defendants provided investors with material information concerning Cassava’s leading drug candidate, simufilam. Defendants’ statements included, among other things, clear confidence in simufilam’s ability to treat Alzheimer’s Disease. On November 25, 2024, Cassava released topline results for the first of its two ongoing Phase 3 studies on simufilam, the “ReThink-ALZ” study. The results indicated that simufilam failed to meet each of the pre-specified primary, secondary, and exploratory endpoints; in sum, simufilam failed to outperform the placebo.
Following this news, the price of Cassava’s common stock declined dramatically. From a closing market price of $26.48 per share on November 22, 2024, Cassava’s stock price fell to $4.30 per share on November 25, 2024, a decline of about 83.76% in the span of just a single day.
For more information on the Cassava class action go to: https://bespc.com/cases/SAVA
MGP Ingredients, Inc. (NASDAQ: MGPI)
Class Period: May 4, 2023 - October 30, 2024
Lead Plaintiff Deadline: February 14, 2025
MGPI is a manufacturer of hard liquors such as tequila, bourbon, rye, whiskey, vodka, and gin. MGPI sells the spirits it produces under its own brands as well as to other alcohol distributors and brands. Prior to the Class Period, sales of hard liquors, such as those produced and sold by MGPI, increased dramatically in the wake of COVID-19. However, as quarantines ended, sales of hard liquors slowed across the alcoholic beverage industry, and a backlog of inventory began to increase. The Complaint alleges that during the Class Period, MGPI falsely assured investors that its projections and statements accounted for the industry slowdown and that it was well-positioned to avoid a buildup of inventory. The Company also claimed that its projected sales took these industry trends into account.
MGPI announced on October 17, 2024, that a slowdown in demand and an excess in inventories would undermine sales. This revelation caused the Company’s stock to plummet 29.5%. Then, less than two weeks later, on October 31, 2024, Defendants revealed that its excess inventory would have an even greater impact than previously reported. This caused the Company’s stock to drop another 14.7%, to a close of $49.04 per share on October 31, 2024. In total, MGPI’s share price declined nearly 50% on these two disclosures, wiping out hundreds of millions of dollars in market capitalization and damaging investors.
For more information on the MGPI class action go to: https://bespc.com/cases/MGPI
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
