The lawsuit alleges that MoonLake Immunotherapeutics misled investors about its sole drug candidate, sonelokimab (SLK), which was promoted as superior to competing monoclonal antibodies. The complaint claims MoonLake and its executives repeatedly touted SLK’s Nanobody structure as providing unique clinical advantages, while failing to disclose that it targeted the same molecules as UCB’s BIMZELX and offered no proven superiority. On September 28, 2025, MoonLake announced Phase 3 results showing SLK failed to match BIMZELX’s efficacy, which analysts called a “disastrous result.” Following the news, MoonLake’s stock collapsed nearly 90%, causing significant losses for investors.
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