Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against FibroGen, Inc. and Encourages Investors to Contact the Firm
Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announced that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of investors who have purchased FibroGen, Inc. (NASDAQ: FGEN) ) Securities and / or put options sold from November 8, 2019 up to and including April 6, 2021 (the “Class Period”). Investors have until June 11, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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On August 18, 2019, the company issued a press release announcing “Positive Results for Phase 3 Pooled Safety and Efficacy of Roxadustat”. Shortly after, on December 23, 2019, FibroGen announced that it had submitted a new drug application to the Food and Drug Administration for roxadustat.
On April 6, 2021, the company announced that its previously disclosed safety data included undisclosed post-hoc changes in stratification factors and no analysis based on the specified stratification factors. As a result of these changes, FibroGen had to admit that, contrary to previous presentations, Roxadustat did not reduce the risk of cardiovascular events or hospitalization when compared to a currently approved anemia injection used as a control based on predetermined stratification factors.
In that news, the company’s stock price fell $ 14.90, or 43%, to close at $ 19.74 per share on April 7, 2021.
The complaint, filed on April 12, 2021, alleges that defendants have not disclosed to investors: (i) that the company’s prior disclosure of primary cardiovascular safety testing in the United States from the Roxadustat Phase 3 program for the treatment of CKD -Anemia post-hoc were 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 as a result of the foregoing, Defendants’ statements about the Company’s business, operations and prospects were materially misleading and / or unfounded.
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If you have purchased FibroGen securities during the class period and suffered a loss, are a long-term shareholder, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to these matters, please contact Brandon Walker, Melissa Fortunato or Marion Passmore by email at email@example.com, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210413006064/de/
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.