SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Gritstone bio, Inc. - GRTS

NEW YORK, April 12, 2024

The investigation concerns whether Gritstone and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action] 

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." 

On this news, Gritstone's stock price fell $0.78 per share, or 27.86%, to close at $2.02 per share on March 1, 2024. 

Then, on April 1, 2024, Gritstone reported mixed preliminary Phase 2 data for its personalized cancer vaccine candidate Granite, including a short-term response analysis that did not demonstrate a difference between study arms.  In discussing these results, Gritstone's Chief Executive Officer, Andrew Allen, admitted that, "with regard to defining molecular response, we simply got it wrong."