New York — A prominent securities law firm, Bleichmar Fonti & Auld LLP, has recently initiated a lawsuit against BioAge Labs, Inc., a company listed on NASDAQ under the ticker BIOA, along with some of its top executives. The legal action alleges potential breaches of federal securities laws linked to the company’s initial public offering. As part of the case, which is filed under the docket Soto v. BioAge Labs, Inc., et al., No. 25-cv-196, plaintiffs must file their petitions by March 10, 2025, to be considered as lead plaintiffs.
The filed complaint highlights issues that arose from BioAge’s registration for its initial public offering on September 26, 2024. This legal action specifically asserts claims under Sections 11 and 15 of the Securities Act of 1933. It is pertinent for investors who acquired BioAge shares either directly from, or traceable to, this offering. The case is under consideration in the U.S. District Court for the Northern District of California.
BioAge Labs, a clinical-stage biopharmaceutical entity, is known for its focus on metabolic disorders, primarily obesity. The firm’s flagship product, azelaprag, is a small-molecule agonist for the apelin receptor (APJ), which is developed to potentially enhance weight loss by functioning in conjunction with GLP-1R agonists. According to statements by BioAge during its IPO, the company was conducting the STRIDES Phase 2 trial of azelaprag and worked in collaboration with Eli Lilly and Company on trial design and execution.
Unfortunately, BioAge had to halt the STRIDES trial abruptly due to serious safety issues. Specifically, several participants showed elevated liver enzyme levels, a sign of potential organ damage, leading to the cessation of the trial and the discontinuation of enrollment.
The termination of the STRIDES trial was officially announced by BioAge on December 6, 2024. This disclosure, revealing concerns over the safety profile of azelaprag, led to a drastic 76% decline in the company’s stock price. BioAge shares plummeted from $20.09 per share to $4.65 over the course of three days following the announcement.
For those directly affected by these financial losses, Bleichmar Fonti & Auld LLP is providing legal consultation and representation on a contingency fee basis, meaning there will be no upfront cost to shareholders for legal services. Fees and other expenses related to litigation will be subject to court approval.
Bleichmar Fonti & Auld LLP is recognized internationally for its advocacy in shareholder and securities class action lawsuits. Recently named among the Top 5 plaintiff law firms of 2023 by ISS SCAS, the firm’s attorneys have also earned accolades such as Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. In past litigation achievements, BFA successfully recovered substantial amounts in lawsuits, including over $900 million from Tesla, Inc.’s Board of Directors and $420 million from Teva Pharmaceutical Industries Ltd.
Investors and interested parties seeking more information or looking to be part of this legal claim should contact Ross Shikowitz at [email protected] or call 212-789-3619.
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