Silverback Therapeutics, Inc.

  • Active

Investigation
09/10/2021

Initial Lawsuit
11/05/2021

Lawsuit Progression
02/23/2022

Investigation

  • Continous Holding
    December 3, 2020 to September 10, 2021
  • Proposed Claim
    Securities Violation

Were the statements made by Silverback about the efficiency and clinical prospects of its lead product candidate SBT6050 in connection with its initial public offering (IPO) misleading?

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

A lawsuit was subsequently filed. We update this post regularly.

Main Event

Phase 1/1b study of SBT6050 - Results

09/13/2021

SEC Filing

Silverback publishes the results of its Phase 1/1b study of SBT6050 as monotherapy and combined with pembrolizumab in patients with advanced HER2-expressing or amplified solid tumors.

“As of 4 April 2021, 18 pts across multiple tumor types were treated at 4 dose levels (P1, n=14; P3, n=4). Dose levels of SBT6050 ranging from 0.15 mg/kg to 0.6 mg/kg, the predicted RP2D based on preclinical studies, were each pharmacologically active and demonstrated a greater than 70-fold difference in SBT6050 serum exposure. Induction of blood-based biomarkers associated with myeloid cell and NK or T lymphocyte activation, consistent with SBT6050 MOA, were observed at each dose level, generally increasing in a dose-dependent manner. The most frequent (>25%) related TEAEs were chills, diarrhea, fatigue, hypotension, injection site reaction, nausea, pyrexia, and vomiting. Dose levels >0.6 mg/kg were evaluated to assess the upper limits of the dose range; G3 DLTs were observed in P1 at 1.2 mg/kg Q2 wks. In response-evaluable pts (N=14), best overall response was PR (n=1), SD (n=3), and PD (n=9).”

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
$14.9 $19.44 $-4.54 -23.35%
See more on Factual Timeline

Initial Lawsuit

First Complaint - 11/05/2021

A Silverback Therapeutics, Inc. (SBTX) filed a federal securities class action lawsuit on behalf of a class consisting of all persons and entities (other than defendants) that purchased or otherwise acquired:
(a) Silverback 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 December 3, 2020; and/or
(b) Silverback securities between December 3, 2020, and September 10, 2021, both dates inclusive.

  • Filing Date
    11/05/2021
  • Class Period
    12/03/2020 to 09/10/2021
  • Transgression
    Securities Violation
  • Filing Firms
    Pomerantz LLP
    Badgley Mullins Turner PLLC
  • Case Title
    Dresner v. Silverback Therapeutics Inc.
  • Docket Number
    2:21-cv-01499
  • Court
    Washington Western 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) Silverback’s lead product candidate SBT6050 was less effective than the company had represented to investors;
(ii) accordingly, the company had overstated SBT6050’s commercial and/or clinical prospects; 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
    Silverback Therapeutics, Inc.
  • Chief Executive Officer
    Laura K. Shawver
  • Chief Financial Officer
    Jonathan Piazza
  • Vice President
    Russ Hawkinson
  • Chairman
    Peter Thompson
  • Director
    Vickie L. Capps
  • Director
    Robert Hershberg
  • Director
    Saqib Islam
  • Director
    Andrew Powell
  • Director
    Jonathan Root
  • Director
    Thilo Schroeder
  • Director
    Scott Platshon

Lawsuit progression

  • Docket Number
    2:21-cv-01499
  • Court
    Washington Western District Court

Lead Counsel

02/23/2022

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

Amended Complaint

04/11/2022

This is a federal securities class action on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired: (a) Silverback 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 December 3, 2020; and/or (b) Silverback securities between December 3, 2020 and March 31, 2022, both dates inclusive

  • Updated Class Period
    11/03/2020 to 03/31/2022
  • Free File
    Amended Complaint

    • Operative complaint

Motion to Dismiss

05/26/2022

A motion to dismiss was filed with the court.

[stockdio-historical-chart symbol=”SBTX” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

Factual Timeline

More

More Cases & Investigations
Privacy Policy
© Copyright 2024 Brios Services LLC
Terms & Conditions