MoonLake Immunotherapeutics(US:MLTX) Businesswire·2025-10-28 16:03Core Viewpoint - A class action lawsuit has been filed against MoonLake Immunotherapeutics (MLTX) for securities fraud, following disappointing Phase 3 results for its drug candidate sonelokimab (SLK) [1][3]. Summary by Sections Lawsuit Announcement - The Law Offices of Frank R. Cruz announced a class action lawsuit on behalf of shareholders who purchased MLTX common stock between March 10, 2024, and September 29, 2025, with a deadline of December 15, 2025, for filing a lead plaintiff motion [1]. Disappointing Drug Results - On September 28, 2025, MoonLake announced that SLK failed to match the efficacy of its competitor's drug, BIMZELX, despite prior claims of its superiority [3]. - The company had promoted SLK's nanobody structure as superior but allegedly did not disclose that it targeted the same molecules as BIMZELX and lacked proven advantages [3]. Stock Price Impact - Following the announcement of the disappointing results, MoonLake's stock plummeted by $55.74, or 89.9%, closing at $6.24 per share on September 29, 2025, significantly harming investors [4]. Allegations in the Lawsuit - The lawsuit alleges that during the Class Period, the defendants made materially false and misleading statements and failed to disclose adverse facts about the company's business and prospects, including: 1. SLK and BIMZELX share the same molecular targets [5]. 2. SLK's nanobody structure would not provide superior clinical benefits over BIMZELX [5]. 3. The supposed increased tissue penetration of SLK would not translate to clinical efficacy [5]. 4. Positive statements about the company's business were materially misleading and lacked a reasonable basis [5].