NEW YORK, April 12, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of AVROBIO, Inc. ("AVROBIO" or the "Company") (NASDAQ: AVRO). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether AVROBIO and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around June 21, 2018, AVROBIO conducted its initial public offering ("IPO"), issuing 5,247,958 shares of common stock priced at $19.00 per share. Then, on March 16, 2020, AVROBIO issued a press release announcing the Company's financial and operating results for the fourth quarter and fiscal year 2019. The Company reported a net loss of $22.7 million for the quarter, and a net loss of $73.0 million for the year, compared to a net loss of $16.0 million and a net loss of $46.4 million for the comparable periods in 2018. AVROBIO advised investors that "[t]hese increases were due to increased research and development expenses, as well as increased general and administrative expenses."
On this news, AVROBIO's stock price fell $4.80 per share, or 32.26%, to close at $10.08 per share on March 16, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP