Altimmune(US:ALT) Prnewswireยท2024-06-26 14:25Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Altimmune, Inc. due to allegations of misleading statements regarding the efficacy and market potential of its drug pemvidutide, with a deadline for investors to seek lead plaintiff status in a federal securities class action by July 5, 2024 [1][3]. Group 1: Allegations Against Altimmune - The complaint alleges that Altimmune and its executives violated federal securities laws by making false and misleading statements about pemvidutide's competitive prospects and overstating the company's potential for finding a strategic partner [3]. - A report by Kerrisdale Capital criticized pemvidutide's chances of competing against existing GLP-1 agonists, stating that even a 15.6% weight loss is insufficient compared to competitors like semaglutide and tirzepatide, which also control blood sugar [4]. - Following the Kerrisdale Report, Altimmune's stock price dropped by $1.94, or 18.65%, closing at $8.46 per share on February 13, 2024 [4]. Group 2: Market Reactions and Analyst Opinions - On April 29, 2024, Guggenheim Securities downgraded Altimmune's stock from buy to neutral, citing an increasingly unlikely partnership for pemvidutide and highlighting the lack of a major partnership or M&A event as a significant concern [5]. - This downgrade led to a further decline in Altimmune's stock price by $0.87, or 11.98%, closing at $6.39 per share [5]. Group 3: Legal Proceedings - Investors who suffered losses exceeding $75,000 between December 1, 2023, and April 26, 2024, are encouraged to contact Faruqi & Faruqi to discuss their legal rights and options [1]. - The role of lead plaintiff in the class action is open to any member of the putative class who has the largest financial interest and is typical of class members [6].