Kaskela Law LLC is investigating potential breach of fiduciary duty claims concerning Neumora Therapeutics, Inc. (NASDAQ: NMRA) (“Neumora”) on behalf of the company’s long-term shareholders.
Neumora is a clinical-stage biopharmaceutical company that seeks to develop novel therapies for depression and other mental illnesses. In September 2023, Neumora completed its initial public offering (“IPO”) of common stock, selling 14.7 million shares of stock to investors at a price of $17.00 per share. Leading up to the IPO, Neumora’s most advanced drug candidate was navacaprant or “Nava,” a once-daily pill developed to treat major depressive disorder (“MDD”).
Recently a federal securities fraud complaint was filed against Neumora on behalf of certain investors who purchased shares of the company’s stock pursuant and/or traceableto the company’s September 2023 IPO. According to the complaint, although the Offering Documents filed with the SEC in connection with the IPO promoted Nava as a potential blockbuster antidepressant, the defendants’ positive portrayal of Nava’s Phase 2 clinical trial and its prospects for FDA approval were materially false and misleading, and omitted material facts.
As further detailed in the complaint, investors gradually learned the truth about sixteen months after the IPO, when Neumora was forced to disclose disastrous Phase 3 trial results demonstrating that Nava was completely ineffective in men. In response, Neumora’s stock price plunged 80% in a single day, from a close of $10.60 on December 31, 2024, to a close of $1.97 on January 2, 2025, the following trading day.
In light of the foregoing, Kaskela Law is investigating whether Neumora’s officers and directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Neumora shareholders who have continuously held NMRA shares since at least January 1, 2024 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) for additional information about this investigation and their legal rights and options at (484) 229 – 0750, by email at [email protected], or by completing the form on this page.