Sana Biotechnology(US:SANA) Prnewswire·2025-05-05 09:45Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Sana Biotechnology, Inc. regarding a class action lawsuit due to allegations of misleading statements and financial misrepresentation during a specified class period [1][2]. Summary by Relevant Sections Allegations - The complaint alleges that during the class period from March 17, 2023, to November 4, 2024, Sana Biotechnology made materially false and misleading statements, failing to disclose significant risks regarding its financial stability and product candidates [1]. - Specific allegations include: - Sana was at significant risk of having insufficient funds to maintain operations and advance product candidates [1]. - Product candidates SC291 in oncology, SC379, and SG299 were less promising than represented [1]. - To preserve cash, Sana was likely to decrease funding for or discontinue certain product candidates and significantly reduce its workforce [1]. - Defendants overstated Sana's financial capacity to maintain operations and advance existing product candidates [1]. Class Action Details - Shareholders who purchased shares of SANA during the class period are encouraged to register for the class action, with a deadline of May 20, 2025, to seek lead plaintiff status [2]. - Registration allows shareholders to receive updates throughout the lifecycle of the case, with no cost or obligation to participate [2]. Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and fraud [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements or omissions [3].