Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Fibrogen Inc.
NEW YORK, April 14, 2021 (GLOBE NEWSWIRE) – Bernstein Liebhard, a nationally recognized investor rights law firm, announces that a class action lawsuit has been filed on behalf of investors who have purchased or acquired the securities of Fibrogen, Inc. (“Fibrogen” or the “Company”) (NASDAQ: FGEN) from November 8, 2019 to April 6, 2021 (the “Class Period”). The lawsuit in the US District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased Fibrogen securities and / or wish to discuss your statutory rights and options Please visit the class action lawsuit against Fibrogen shareholders or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that throughout the class period, Defendants made materially false and / or misleading statements and failed to advise investors that: (i) the Company previously conducted U.S. primary cardiovascular safety analyzes from Roxadustat Phase 3 Program for CKD anemia treatment included post hoc changes in stratification factors. (ii) that FibroGens analyzes with the given stratification factors lead to higher hazard rates (point estimates of the relative risk) and 95% confidence intervals; (iii) based on these analyzes, the Company has not been able to conclude that Roxadustat reduces (or is superior to) the risk of MACE + on dialysis and MACE and MACE + on dialysis compared to epoetin-alfa; (iv) as a result, the Company faced significant uncertainty that its NDA for roxadustat for the treatment of CKD anemia would be approved by the FDA; and (v) that Defendants’ statements about the business, business and prospects of Defendants as a result of the foregoing were materially misleading and / or were unfounded.
On April 6, 2021, after the market closed, FibroGen released a press release with additional information from Roxadustat stating that the “primary cardiovascular safety analyzes included post-hoc changes in stratification factors”.
In that news, the company’s share price fell $ 14.90, or 43%, to close on April 7, 2021 on high volume at $ 19.74 per share. Shares continued to drop on April 8, 2021, closing at $ 18.81 per share (a decrease of $ 0.93 per share, or 4.7%) due to high volume.
If you want to serve as the lead plaintiff, you must transfer the court by June 11, 2021 at the latest. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you purchased Fibrogen securities and / or wish to discuss your statutory rights and options Please visit https://www.bernlieb.com/cases/fibrogeninc-fgen-shareholder-class-action-lawsuit-stock-fraud-390/apply/ or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
Since 1993, Bernstein Liebhard LLP has collected more than $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its success in litigation involving hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s “Hot List” thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this Connecticut state complaint is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP