The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Shattuck Labs, Inc. (STTK) Investors
LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Shattuck Labs, Inc. (“Shattuck” or the “Company”) (NASDAQ: STTK) securities: (1) pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Shattuck’s October 2020 initial public offering (the “IPO” or “Offering”); and/or (2) between October 9, 2020 and November 9, 2021, inclusive (the “Class Period”). Shattuck investors have until April 1, 2022 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On or about October 9, 2021, Shattuck conducted its IPO, selling approximately 13.7 million shares at $17.00 per share.
On November 9, 2021, Shattuck announced that it had terminated its Collaboration Agreement with Millennium Pharmaceuticals, Inc. (“Takeda”), a wholly owned subsidiary of Takeda Pharmaceutical Company, Ltd. The Company issued a press release stating that “Shattuck and Takeda mutually agreed” to the termination and that “the Company will not make any payments to or receive any future milestone or royalty payments from Takeda.”
On this news, Shattuck’s stock fell $5.45, or 28%, to close at $13.59 per share on November 9, 2021, thereby injuring investors. On January 28, 2022, the Company’s share price closed at $6.13 per share, less than half of its original IPO price.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) the Collaboration Agreement with Takeda was not solid; (2) Takeda and Shattuck would mutually agree to terminate the Collaboration Agreement in essentially one year; (3) as a result, Shattuck would cease to receive any future milestone, royalty, or other payments from Takeda; and (4) as a result, defendants statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Shattuck securities during the Class Period, you may move the Court no later than April 1, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Shattuck securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.