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CRBU.US
id: 1453
Caribou Biosciences (CRBU) Clinical Data Misrepresentation Case
The plaintiff has voluntarily dismissed the case, ending the lawsuit.
N.D. California
Court4:24-cv-09413
Case number07/14/2023
Class period Start07/16/2024
Class period End02/22/2025
Lead Plaintiff motion deadline- $CRBU investors filed a lawsuit against Caribou Biosciences for misleading them about the safety, efficacy, and commercial prospects of their lead product, CB-010.
- On June 2, 2024, Caribou presented updated Phase 1 clinical trial data for CB-010, which revealed lower-than-expected response rates and progression-free survival. Following this, $CRBU dropped by 25.52%.
Case Details:
Between July 14, 2023, and July 16, 2024, Caribou Biosciences promoted CB-010, an allogeneic anti-CD19 CAR-T cell therapy, as a safer and more effective alternative to traditional CAR-T treatments. They claimed CB-010 could rival or surpass existing therapies in safety, effectiveness, and durability.
However, at June 2, 2024, ASCO event, Caribou shared Phase 1 trial results showing a 36% complete response rate—significantly lower than the 65-66% rates of competing therapies. The trial also revealed shorter progression-free survival for patients using CB-010.
On July 16, 2024, Caribou announced a 12% workforce reduction and the suspension of its CAR-NK research program to save funds. These developments left investors questioning the company’s future.
Following this $CRBU dropped by 25.52%
Based on these events, $CRBU investors filed a lawsuit against Caribou Biosciences, claiming the company:
- It misled investors about CB-010’s clinical trial results and ability to compete with approved therapies.
- It failed to disclose financial challenges and risks tied to its CAR-NK research platform.
Investors believe Caribou overstated the potential of CB-010 and concealed financial instability.
Case Type
US Securities Class Action
Case Status
Voluntary Dismissed
Alleged Offence
Misleading Statements,
Financial Misrepresentation
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
06/03/2024
Filing date
12/24/2024
Lead Plaintiff Deadline
02/22/2025