Sana Biotechnology(SANA) Prnewswire·2025-04-18 09:45Core Viewpoint - A class action securities lawsuit has been filed against Sana Biotechnology, Inc. alleging securities fraud that affected investors between March 17, 2023, and November 4, 2024 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims that Sana Biotechnology was at significant risk of having insufficient funds to maintain its operations and advance its product candidates [2]. - It is alleged that the product candidates SC291 in oncology, SC379, and SG299 were less promising than previously communicated to investors [2]. - The complaint suggests that to preserve cash and focus on more promising candidates, Sana was likely to decrease funding for or discontinue SC291, SC379, and SG299, and significantly reduce its workforce [2]. - As a result, the defendants are accused of overstating Sana's financial capacity to maintain operations and advance its product candidates, leading to materially false and misleading public statements [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the specified timeframe have until May 20, 2025, to request to be appointed as lead plaintiff, although participation in any recovery does not require serving as a lead plaintiff [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, and there is no obligation to participate [3]. Group 3: Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and has extensive expertise in complex securities litigation [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the top securities litigation firms in the United States [4].