(MENAFN- GlobeNewsWire - Nasdaq) NEW YORK, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Longeveron Inc. (NASDAQ: LGVN) in the United States District Court for the Southern District of Florida on behalf of those who purchased Longeveron sotck: (1) pursuant and/or traceable to the Offering documents issued in connection with the Company's initial public offering conducted on or about February 12, 2021 (the“IPO” or“Offering”); and/or (2) between February 12, 2021 and August 12, 2021, both dates inclusive (the“Class Period”).
According to the Complaint, the Offering documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Offering documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Lomecel-B, a cell-based therapy product which is derived from culture-expanded medicinal signaling cells that are sourced from the bone marrow of young healthy adult donors, 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; (iii) as a result of all the foregoing, Longeveron's financial and business prospects were also overstated; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Longeveron should contact the Firm prior to the November 12, 2021 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 or .
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