NEW YORK, March 16, 2022 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, reminds investors that a securities class action lawsuit has been filed against Shattuck Labs, Inc. (“Shattuck” or the “Company”) (NASDAQ: STTK) and certain other defendants, alleging violations of federal securities laws. If you purchased shares of Shattuck between October 9, 2020 and November 9, 2021, you are encouraged to contact Joe Pettigrew for additional information at (844) 818-6982, or at [email protected].  

Shattuck is a clinical-stage biotechnology company. Shattuck held its Initial Public Offering (“IPO”) in October 2021, selling shares to the public at $17 per share.  

At the time of the IPO and after, the Company emphasized the importance of its 2017 Collaboration Agreement with a subsidiary of Takeda Pharmaceutical Company, Ltd. (“Takeda”).

According to the filed complaint, Shattuck and the other defendants made false and misleading statements and failed to disclose that: (1) the Collaboration Agreement with Takeda was not solid; (2) Takeda and Shattuck would “mutually agree” to terminate the Collaboration Agreement in essentially one year; (3) as a result, Shattuck would cease to receive any future milestone, royalty, or other payments from Takeda; and (4) as a result, the defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.

The truth about these misrepresentations began to come to light on November 9, 2021, when the Company issued a press release that stated, in relevant part, “Shattuck and Takeda mutually agree to terminate Collaboration Agreement.”  

On this news, the price of Shattuck shares fell 28%, or $5.45 per share, to close at $13.59 on November 9, 2021.

On the day the lawsuit was filed, January 31, 2021, the price of Shattuck stock closed at $6.91 – a 59% drop from the IPO price.

Lead Plaintiff Deadline

The Lead Plaintiff deadline in this action is April 1, 2022. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

What You Can Do

If you purchased Shattuck stock between October 9, 2020 and November 9, 2021, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 or [email protected].  

About Scott+Scott

Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.

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CONTACT:
Joe Pettigrew
Scott+Scott Attorneys at Law LLP
600 W. Broadway, Suite 3300, San Diego, CA 92101
(844) 818-6982
[email protected]