FINAL DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Sana Biotechnology
NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Sana Biotechnology, Inc. ('Sana' or the 'Company') (NASDAQ: SANA) and reminds investors of the May 20, 2025, deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Sana was at significant risk of having insufficient funds to maintain its current operations and advance one or more of its product candidates; (2) SC291 in oncology, SC379, and SG299 were less promising than Defendants had led investors to believe; (3) in order to preserve cash and advance its more promising product candidates, Sana was likely to decrease funding for and/or discontinue SC291 in oncology, SC379, and SG299, as well as significantly reduce its headcount; (4) accordingly, Defendants overstated Sana's financial capacity to maintain its current operations and advance its existing product candidates; and (5) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
On October 10, 2023, during after-market hours, Sana issued a press release announcing that it "will reduce near-term spend on its fusogen platform for in vivo gene delivery" and instead "[i]ncreas[e its] focus on [its] ex vivo cell therapy platform[,]" thereby "postpon[ing] the planned SG299 IND" while "decreas[ing] its expected forward operating burn." Sana further disclosed a "29% headcount reduction" that, in tandem with the "decreased expenses related to the fusogen platform[,]" would keep its "2024 operating cash burn . . . below $200 million[,]" thereby "allowing [its] current cash position to extend further into 2025." The same press release also quoted Defendant Steven D. Harr ("Harr"), Sana's President and Chief Executive Officer, as stating that "[w]e need to ensure that we have a financeable cost structure with . . . emerging opportunities factored in," and that "this strategic re-positioning enables us to deliver significant clinical data across multiple drug candidates with the current balance sheet."
On this news, Sana's stock price fell $0.34 per share, or 8.95%, to close at $3.46 per share on October 11, 2023.
Then, on November 4, 2024, during after-market hours, Sana issued a press release announcing that it "will suspend development of both SC291 in oncology and of SC379 . . . as it seeks partnerships for these programs" and instead "increase its investment in its type 1 diabetes program with the cash savings from these changes[,]" thereby "extend[ing] its expected cash runway into 2026." The same press release also quoted Defendant Harr as stating that "we need to ensure that we are directing our investments into the areas where we believe we can have the greatest impact for patients" and that "[t]his modified strategy will also help us reduce our cash burn but comes with the necessity of parting with some talented and valued colleagues."
On this news, Sana's stock price fell $0.37 per share, or 9.84%, to close at $3.39 per share on November 5, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Sana's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Sana Biotechnology class action, go to www.faruqilaw.com/SANA or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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