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Press release content from Business Wire. The AP news staff was not involved in its creation.

SHAREHOLDER ALERT: Robbins LLP Announces that Longeveron Inc. (LGVN) is Being Sued for Misleading Shareholders

September 17, 2021 GMT

SAN DIEGO--(BUSINESS WIRE)--Sep 17, 2021--

Shareholder rights law firm Robbins LLP announces that a shareholder filed a class action on behalf of all persons and entities that purchased Longeveron Inc. (NASDAQ: LGVN) Class A common stock pursuant to or traceable to the Company’s February 12, 2021 initial public offering (“IPO”), or between February 12, 2021 and August 12, 2021. The complaint seeks remedies pursuant to the Securities Act of 1933 and Securities Exchange Act of 1934. Longeveron is a clinical stage biotechnology company that engages in developing cellular therapies for aging-related and life-threatening conditions. The Company’s lead investigational product is Lomecel-B, which is currently in Phase 2b of its trial (“Phase 2b Aging Frailty Trial”).

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If you suffered a loss due to Longeveron Inc.’s misconduct, click here.

Longeveron Inc. (LGVN) Materially Misrepresented the Viability of its Lead Product Lomecel-B

According to the complaint, Longeveron conducted its IPO on February 12, 2021, issuing 2.66 million Class A shares at $10.00 per share, for approximate proceeds of $24.7 million. However, defendants negligently prepared the Offering Documents in connection with the IPO. Specifically, defendants failed to disclose that: (i) Lomecel-B was not as effective in treating aging frailty as defendants had led investors to believe; (ii) accordingly, Lomecel-B’s clinical and commercial prospects with respect to aging frailty were overstated; and (iii) as a result, the Offering Documents and defendants’ public statements during the class period were materially false and misleading.

On August 13, 2021, Longeveron issued two press releases – one announcing topline results of the Phase 2b Againg Frailty Trial and one addressing the Company’s financial results for the second quarter of 2021. Both press releases disclosed that Lomecel-B had “not achiev[ed] … statistical significance for the pairwise comparison to placebo” with respect to the primary efficacy endpoint. On this news, Longeveron’s stock price fell almost 28%, to close at $3.90 per share on August 13, 2021, representing a 61% total decline from the IPO price.

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If you purchased shares of Longeveron (LGVN) pursuant to the Company’s February 12, 2021 IPO, or between February 12 and August 12, 2021, you have until November 12, 2021, to ask the court to appoint you lead plaintiff for the class.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas
(800) 350-6003
adumas@robbinsllp.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. To be notified if a class action against Longeveron Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210917005497/en/

CONTACT: Aaron Dumas

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

adumas@robbinsllp.com

(800) 350-6003

www.robbinsllp.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2021.

PUB: 09/17/2021 03:05 PM/DISC: 09/17/2021 03:06 PM

http://www.businesswire.com/news/home/20210917005497/en