NEW YORK, Nov. 2, 2024 — Pomerantz LLP has announced that a class action lawsuit has been filed against Agenus Inc. (the “Company”) (NASDAQ: AGEN) and certain executives. The lawsuit, filed in the U.S. District Court for the District of Massachusetts (case number 24-cv-12299), represents a class of individuals and entities who bought or otherwise acquired Agenus securities between January 23, 2023 and July 17, 2024. The lawsuit seeks to recover damages caused by the defendants’ alleged violations of federal securities laws. The lawsuit claims the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5. 

Shareholders who purchased or otherwise acquired Agenus securities during the Class Period have until November 5, 2024 to ask the Court to appoint them as Lead Plaintiff. A copy of the Complaint is available at . To discuss this lawsuit, contact Danielle Peyton at  or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

            Agenus is a clinical-stage biotechnology company focused on developing immuno-oncology products in the United States and globally.  Among its products, the Company is developing balstilimab, an anti-PD-1 antagonist, and botensilimab, an antigen 4 blocking antibody. Balstilimab has completed a Phase 2 clinical trial for second-line cervical cancer treatment, while botensilimab is currently undergoing a Phase 2 clinical trial for pancreatic cancer and melanoma treatment.

            Agenus claims to conduct clinical trials “designed to strengthen the efficacy and safety signals demonstrated to date and that may support a potential filing for full approval and/or accelerated approval based on the magnitude of benefit demonstrated.” According to the Company, its strategy “revolves around pioneering optimal combination treatments for cancer patients, with botensilimab as [its] cornerstone.” Agenus has particularly focused on developing the “botensilimab/balstilimab combination” for treating patients with metastatic colorectal cancer.

            The Complaint alleges that, throughout the Class Period, Defendants made false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants are accused of making false and/or misleading statements and/or failing to disclose that: (i) the combination therapy of botensilimab and balstilimab was less effective than Defendants had led investors to believe; (ii) accordingly, botensilimab and balstilimab’s clinical results, as well as their regulatory and commercial prospects, were overstated; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

            On July 18, 2024, Agenus issued a press release announcing the results of an “end-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA), for the advancement of its immunotherapy combination, botensilimab and balstilimab, for the treatment of adult patients with relapsed/refractory microsatellite stable colorectal cancer with no active liver metastases.”  The press release disclosed that the “FDA advised against submission of these results in support of an Accelerated Approval based on their view that objective response rates may not translate to survival benefit.” 

            Following this news, Agenus’s stock price dropped $10.43 per share, or 58.83%, closing at $7.30 per share on July 18, 2024.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is recognized as a leading firm in corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, considered the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Over 85 years later, Pomerantz continues to uphold the legacy of fighting for the rights of victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages on behalf of class members. See .

CONTACT:
Danielle Peyton
Pomerantz LLP

646-581-9980 ext. 7980

SOURCE Pomerantz LLP