According to the Complaint, Adagio Therapeutics, Inc., during the Class Period, was focused on developing ADG20, an investigational monoclonal antibody treatment for COVID-19. In September 2022, Adagio announced that it was changing its corporate name to Invivyd, Inc.

The Complaint alleges that throughout the Class Period, Defendants failed to disclose that: (i) the published epitope mapping, structural studies, and sequence analyses which Defendants had used to claim ADG20 was effective against the Omicron variant were insufficient, unreliable, and inadequate to make claims of effectiveness of ADG20 against Omicron; (ii) that Defendants’ claims regarding ADG20’s efficacy against Omicron lacked a reasonable factual basis; and (iii) ADG20 was over 300 times less effective against the Omicron variant as compared to its effectiveness against previous variants.

On June 28, 2023, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on August 23. On November 22, Lead Plaintiffs filed a second amended Complaint.

Defendants filed a Motion to Dismiss the second amended Complaint on January 12, 2024. On September 18, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.