NEW YORK, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities who purchased the securities of Invivyd, Inc. f/k/a Adagio Therapeutics, Inc. (“Invivyd, Inc” or the “Company”) (NASDAQ: IVVD) between November 29, 2021 and December 14, 2021, both dates inclusive (the “Class Period”).

Invivyd was formed in June 2020 during the COVID-19 pandemic to develop drugs for the treatment and prevention of COVID-19 and future coronavirus outbreaks. During the Class Period, Invivyd was focused on developing ADG20, an investigational monoclonal antibody treatment for COVID-19.

The Complaint alleges that throughout the Class Period defendants failed to disclose that: (i) the published epitope mapping, structural studies, and sequence analyses which defendants had used to claim ADG20 was effective against the Omicron variant were insufficient, unreliable, and inadequate to make claims of effectiveness of ADG20 against Omicron; (ii) that defendants’ claims regarding ADG20’s efficacy against Omicron lacked a reasonable factual basis; and (iii) ADG20 was over 300 times less effective against the Omicron variant as compared to its effectiveness against previous variants.

The Complaint alleges that during the Class Period Invivyd represented that ADG20 was efficacious against the Omicron variant. The Complaint alleges that on December 14, 2021, Invivyd issued a press release announcing that “[t]he in vitro data generated through both authentic and pseudovirus testing of the Omicron variant show a greater than 300-fold reduction in neutralizing activity of ADG20 against Omicron.” Thus, the Complaint alleges that Invivyd admitted the data showed that ADG20 was 300 times less effective at neutralizing Omicron than it was against the other variants and did not work against Omicron.

On this news, the price of Invivyd shares declined by nearly 80%, damaging investors.

Investors who purchased or otherwise acquired shares of Invivyd, Inc. should contact the Firm prior to the April 3, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.