According to the Complaint, Altimmune, Inc. is a clinical stage biopharmaceutical company that focuses on developing treatments for obesity and liver diseases. The Company’s lead product candidate is pemvidutide, a glucagon-like peptide-1 (“GLP-1”) agonist for the treatment of obesity and metabolic dysfunction-associated steatohepatitis. GLP-1 agonists are medications that help lower blood sugar levels and promote weight loss. On November 30, 2023, Altimmune announced topline results from its 48-week MOMENTUM Phase 2 trial evaluating pemvidutide for the treatment of obesity.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Altimmune overstated the potential for pemvidutide to stand out from competing GLP-1 agonists based on the drug's efficacy and tolerability results observed in the MOMENTUM Trial; (ii) accordingly, the MOMENTUM Trial results were less significant to pemvidutide's clinical, commercial, and competitive prospects than Defendants had led investors to believe; (iii) as a result of all the foregoing, Defendants had overstated Altimmune's prospects for finding a strategic partner to develop pemvidutide; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.