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The filed complaint alleges that Adverum Biotechnologies, Inc. made materially false and/or misleading statements and/or failed to disclose that: Adverum disclosed in a filing on March 31, 2025, with the U.S. Securities and Exchange Commission that "certain of the Company's previously issued financial statements should no longer be relied upon due to non-cash errors identified in the accounting for tenant improvement allowances associated with an operating lease and sublease related to a building in North Carolina (the ‘NC Premises')." Accordingly, Adverum announced that it will restate its "financial statements as of and for the years ended December 31, 2022 and 2023, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 . . . , as well as the unaudited condensed consolidated quarterly financial information for the quarterly periods in the years ended December 31, 2023 and 2024." Following this news, Adverum's stock price fell over 12% on April 1, 2025.
In order to be eligible to join the ADVM class action lawsuit, you must have incurred a loss on shares of Adverum Biotechnologies purchased during the class period listed above.
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