Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Gritstone bio, Inc. (GRTS)

Core Viewpoint - Gritstone bio, Inc. is facing significant challenges following the announcement of a workforce reduction and delays in its COVID-19 vaccine study, leading to a substantial drop in stock price and potential legal actions from investors [2][5][6]. Group 1: Company Developments - On February 29, 2024, Gritstone announced a reduction of approximately 40% of its workforce due to a delay in the proposed CORAL Phase 2b study, which impacted expected external funding [5]. - The company disclosed on February 12, 2024, that the launch of its COVID-19 vaccine study would be delayed from Q1 2024 to Fall 2024 to ensure the use of fully GMP-grade raw materials [6]. - Throughout the Class Period, Gritstone allegedly made materially false and misleading statements regarding its business operations and prospects, failing to disclose the inability to launch the Phase 2b CORAL Study as previously represented [6]. Group 2: Investor Impact - Following the news of workforce reduction and study delays, Gritstone's stock price fell by $0.78, or 27.9%, closing at $2.02 per share on March 1, 2024, resulting in investor injuries [2]. - Investors who purchased Gritstone securities during the Class Period (March 9, 2023, to February 29, 2024) have until August 6, 2024, to file a lead plaintiff motion in a class action lawsuit [4][3].