NEW YORK, Sept. 03, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, continues its investigation of potential securities claims on behalf of shareholders of Centessa Pharmaceuticals plc (NASDAQ: CNTA) resulting from allegations that Centessa may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Centessa securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-
WHAT IS THIS ABOUT: On or around May 27, 2021, Centessa conducted its initial public offering (“IPO”), selling 16.5 American Depositary Shares (“ADSs”) priced at $20.00 per share.
Then, on June 2, 2022, Centessa issued a press release “announc[ing] that it has made the strategic decision to discontinue development of lixivaptan for Autosomal Dominant Polycystic Kidney Disease (ADPKD) including both the Phase 3 ACTION Study and the open-label ALERT Study.” Centessa specified that “[t]he decision is based on a thorough reassessment of the commercial potential of lixivaptan as a potential best-in-class therapy for patients with ADPKD, and the incremental development challenges and associated costs, following a recent observation of alanine aminotransferase (ALT) and aspartate aminotransferase (AST) elevations in one subject in the ALERT Study.” On this news, Centessa’s ADS price fell $1.25 per ADS, or 27%, to close at $3.25 per ADS on June 2, 2022.
Then, on August 10, 2022, Centessa issued a press release “announc[ing] its decision to discontinue development of ZF874 following a recent report of an adverse event (AE) involving elevated liver enzymes (AST/ALT) in a PiMZ subject dosed with 5 mg/kg BID of ZF874 in the Phase 1 study.” Centessa stated that “[b]ased on the results observed to date, the Company concluded that ZF874 was unlikely to achieve the desired target product profile.” On this news, Centessa’s ADS price fell 5% per ADS to close at $4.75 per ADS on August 10, 2022.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
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