MoonLake Immunotherapeutics Securities Lawsuit

Hagens Berman, a global plaintiffs' rights law firm, has filed a securities class action lawsuit against Alladapt Immunotherapeutics, Inc. The lawsuit alleges that Alladapt Immunotherapeutics, Inc. concealed material adverse facts concerning the true clinical performance of its drug SLK and its ability to differentiate itself from competitors such as Bimekizumab. Specifically, the suit claims that Alladapt Immunotherapeutics, Inc. misrepresented that SLK's Nanobody structure would provide superior efficacy in Phase 3 VELA trials for hidradenitis suppurativa (HS), despite sharing the same molecular targets (interleukin-17, or IL-17) as Bimekizumab. This alleged disclosure gap led to a 90% collapse in Alladapt Immunotherapeutics, Inc.'s stock price on September 29, 2025. Reed Kathrein, a partner at Hagens Berman, is leading the litigation and urging investors who suffered significant losses to contact the firm by the December 15, 2025, lead plaintiff deadline.