Longeveron Inc.

Investigation
08/13/2021

Initial Lawsuit
09/13/2021

Lawsuit Progression
02/07/2022

Investigation

Continous Holding
February 12, 2021 to August 12, 2021
Proposed Claim
Securities Violation

Did Longeveron issue misleading statements in connection with its initial public offering (IPO) about the efficacy and commercial prospects of Lomecel-B? Following the August 2021 press releases disclosing failure to show statistically significance, investors have asked themselves the question and subsequently, a court.

This investors investigation page is opened for investors to gather facts, findings and track related lawsuits. We invite investors and shareholders to contribute to investigations for their own benefit, add events to the factual timeline below and vote on events’ pertinence.

A lawsuit was subsequently filed. We will update this post as it unfolds.

Main Event

No Statistical Significance on Primary Endpoint

08/13/2021

SEC Filing

Longeveron discloses the results of its Phase 2b study of Lomecel-B for aging frailty. The trial did not achieve statistical significance for its primary endpoint.

“Primary analysis of the primary efficacy endpoint: The primary analysis compared the change from baseline in 6MWT distance for the four Lomecel-B cohorts to the placebo cohort at Day 180. There were statistically significant increases in the highest 3 doses–50 million, 100 million and 200 million Lomecel-B cohorts–and no significant changes in the placebo or lowest dose of Lomecel-B (25 million=7.8 meters, p=0.5040; 50 million=35.8 meters, p=0.0053; 100 million=24.9 meters p=0.0443; 200 million=49.3 meters, p=0.0065; placebo=8.0 meters, p=0.5371). However, after adjusting for multiple comparisons using the Hochberg method (1988), the four Lomecel-B cohorts did not show a statistically significant placebo-adjusted difference (Δ) (25 million Δ=-0.2, p=0.9902; 50 million Δ=27.7, p=0.1279; 100 million Δ=16.8, p=0.3472; 200 million Δ=41.3, p=0.0635).”

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close	Previous close	Price variation	Percentage variation
$3.9	$5.41	$-1.51	-27.91%

See more on Factual Timeline

Initial Lawsuit

First Complaint - 09/13/2021

Plaintiff brings this securities class action on behalf of all persons and entities other than Defendants that purchased or otherwise acquired:
(a) Longeveron Class A common stock pursuant and/or traceable to the offering documents issued in connection with the company’s initial public offering conducted on or about February 12, 2021; and/or
(b) Longeveron securities between February 12, 2021 and August 12, 2021, both dates inclusive.

Filing Date
09/13/2021
Class Period
02/12/2021 to 08/12/2021
Transgression
Securities Violation
Filing Firms
Pomerantz LLP
Miller Shah LLP
Case Title
Malespin v. Longeveron Inc. et al
Docket Number
1:21-cv-23303
Court
Florida Southern District Court
Free File
Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:

(i) Lomecel-B was not as effective in treating aging frailty as defendants had led investors to believe;
(ii) accordingly, Lomecel-B’s clinical and commercial prospects with respect to aging frailty were overstated; and
(iii) as a result, the offering documents and defendants’ public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.

Defendants

Company
Longeveron Inc.
Chief Executive Officer
Geoff Green
Chief Financial Officer
James Clavijo
Founder
Joshua M. Hare
Founder
Donald M. Soffer
Director
Neil E. Hare
Director
Rock Soffer

Lawsuit progression

Docket Number
1:21-cv-23303
Court
Florida Southern District Court

Lead Counsel

02/07/2022

The court issued an order appointing the lead plaintiff and lead counsel.

Lead Counsel
The Rosen Law Firm, P.A.
Lead Plaintiff
Individual
Free File
Order for lead

Amended Complaint

04/26/2022

Lead plaintiff filed this securities class action on behalf of all persons and entities other than defendants that purchased or otherwise acquired: (a) Longeveron Class A common stock pursuant and/or traceable to the offering documents issued in connection with the company’s initial public offering (IPO) conducted on or about February 12, 2021; and/or (b) Longeveron common stock between February 12, 2021 and August 12, 2021, both dates inclusive.