GRTS INVESTOR ALERT: Bronstein, Gewirtz & Grossman LLC Announces that Gritstone bio, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

New York, New York--(Newsfile Corp. - August 5, 2024) - Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Gritstone bio, Inc. (NASDAQ: GRTS) ("Gritstone" or "the Company") and certain of its officers.

Class Definition:

This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Gritstone securities between March 9, 2023, and February 29, 2024, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/GRTS.

Case Details:

According to the Complaint, Gritstone is a clinical-stage biotechnology company that develops vaccine-based immunotherapy candidates against cancer and infectious diseases.

In September 2023, according to the Complaint, Gritstone entered into a contract with the Biomedical Advanced Research and Development Authority ("BARDA") to run a 10,000 participant, randomized Phase 2b double-blinded study to compare the efficacy, safety, and immunogenicity of its COVID-19 vaccine candidate (a samRNA vaccine candidate) with an approved COVID-19 vaccine (the "Phase 2b CORAL Study" or the "Study"). In a press release announcing the Phase 2b CORAL Study, the Company stated that the contract "provides strong validation of [its] innovative vaccine platform in infectious diseases," that execution of the study would be fully funded by BARDA, and that the Study would be expected to launch in the first quarter of 2024.

The Complaint alleges that throughout the Class Period Gritstone made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Gritstone made false and/or misleading statements and/or failed to disclose that:

(1) the Company would be unable to launch the Phase 2b CORAL Study in the timeframe it had represented to investors;

(2) the foregoing would impair Gritstone's ability to obtain external funding in connection with the Study, thereby negatively affecting Gritstone's ability to maintain its balance sheet and cash position;

(3) accordingly, Gritstone overstated its ability to successfully develop and commercialize its products; and

(4) as a result, the Company's public statements were materially false and misleading at all relevant times.

The truth began to emerge, according to the Complaint, on February 12, 2024, when Gritstone issued a press release announcing that the Company was delaying the launch of the Study until Fall 2024 to purportedly "allow use of fully GMP-grade raw materials in the vaccine, which is expected to increase the regulatory utility of the trial." Then, on February 29, 2024, Gritstone issued a press release "announc[ing] an approximately 40% reduction of its workforce," stating that "[t]he move comes following the recently announced delay of the proposed CORAL Phase 2b study, which resulted in Gritstone not receiving external funding it previously anticipated beginning in 1Q 2024, associated with the initiation of the study."