Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Atara Biotherapeutics, Inc. (“Atara” or the “Company”) (NASDAQ: ATRA) on behalf of Atara stockholders. Our investigation concerns whether Atara has violated the federal securities laws and/or engaged in other unlawful business practices.
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On November 4, 2021, Atara issued a press release touting its T cell immunotherapy product candidate, ATA188. In this release, the Company claimed that there was "positive momentum around the ATA188 program" and "increasing awareness of and excitement . . . among the medical community and industry." Atara also made positive statements about ATA188 with regard to patients' sustained disability improvement and about Atara's progress with enrollment in Phase 2 efficacy and safety studies.
Then, on February 28, 2022, Atara issued a press release attached to their Form 8-K, providing an update on ATA188. The Company claimed that "a key data point at the time of the interim analysis will be EDSS [expanded disability status scale] improvement at six months for applicable patients. In the Phase 1 study, EDSS improvement at six months was >85 percent predictive of achieving sustained EDSS improvement at 12 months, the primary endpoint of EMBOLD [Phase 2 randomized, placebo-controlled study]."
On this news, Atara’s stock price fell from $12.85 per share to $10.21 per share the next trading day, as the market reacted negatively to this prediction.
On July 12, 2022, after the market closed, Atara announced the completion of its interim analysis of its phase 2 EMBOLD study for ATA188. The company stated: "Based on the analysis of the EMBOLD data available at the time of the IA [interim analysis], there was not a sufficient dataset to draw conclusions about the predictive value of six months EDSS improvement for 12 months EDSS improvement. The IDSMC [Independent Data and Safety Monitoring Committee] believes the six-month interim endpoint may be an inaccurate measure of the potential of this intervention in this condition."
On this news Atara’s stock fell $3.77 to close at $3.41 per share on July 13, 2021.
If you purchased or otherwise acquired Atara shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.