Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of: (1) Silverback Therapeutics Inc. common stock pursuant and/or traceable to the offering documents issued in connection with Silverback Therapeutics’ initial public offering conducted on or about December 3, 2020 (the “IPO”); and/or (2) Silverback Therapeutics securities between December 3, 2020 and September 10, 2021, both dates inclusive (the “Class Period”), have until January 4, 2022 to seek appointment as lead plaintiff in Dresner v. Silverback Therapeutics, Inc., No. 21-cv-01499. Filed in the Western District of Washington on November 5, 2021, the Silverback Therapeutics class action lawsuit charges Silverback Therapeutics as well as certain of its executives and directors with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff of the Silverback Therapeutics class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Silverback Therapeutics class action lawsuit must be filed with the court no later than January 4, 2022.
CASE ALLEGATIONS: Silverback Therapeutics’ lead product candidate is SBT6050, which is in a Phase 1/1b clinical trial, a TLR8 agonist linker-payload conjugated to a HER2-directed monoclonal antibody that targets tumors, such as breast, gastric, and non-small cell lung cancers. On November 10, 2020, Silverback Therapeutics filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) in connection with its IPO, which, after several amendments, was declared effective by the SEC on December 3, 2020. On or about December 3, 2020, Silverback Therapeutics common stock began trading on the Nasdaq Global Market (“NASDAQ”) under the ticker symbol “SBTX.” Pursuant to its IPO, Silverback Therapeutics issued 11.5 million shares of common stock priced at $21.00 per share.
The Silverback Therapeutics class action lawsuit alleges that the offering documents and defendants made false and misleading statements throughout the Class Period and failed to disclose that: (i) Silverback Therapeutics’ lead product candidate SBT6050 was less effective than Silverback Therapeutics had represented to investors; (ii) accordingly, Silverback Therapeutics had overstated SBT6050’s commercial and/or clinical prospects; and (iii) as a result, the offering documents and defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
On September 13, 2021, Silverback Therapeutics issued a press release “announc[ing] that interim data from the dose-escalation portion of its Phase 1/1b clinical trial evaluating SBT6050 as a monotherapy and in combination with pembrolizumab in patients with advanced or metastatic HER2-expressing or amplified solid tumors will be presented at the upcoming European Society for Medical Oncology (ESMO) 2021 Congress from September 16-21, 2021” and advising that “[t]he accepted abstract . . . is now available on the ESMO website.” Per the accepted abstract, while there was a manageable safety profile for Silverback Therapeutics’ experimental therapy, SBT6050 yielded only one partial response among 14 HER2-positive solid tumors. On this news, Silverback Therapeutics’ stock price fell by more than 23%, damaging investors. When the Silverback Therapeutics class action lawsuit was filed, the price of Silverback Therapeutics common stock continues to trade below the $21.00 per share IPO price.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased: (1) Silverback Therapeutics common stock pursuant and/or traceable to the offering documents issued in connection with Silverback Therapeutics’ IPO; and/or (2) Silverback Therapeutics securities during the Class Period to seek appointment as lead plaintiff in the Silverback Therapeutics class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Silverback Therapeutics class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Silverback Therapeutics class action lawsuit. An investor’s ability to share in any potential future recovery of the Silverback Therapeutics class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900