Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against FibroGen Inc. (FGEN) | National News
THE ANGEL, May 28, 2021 / PRNewswire / – Glancy Prongay & Murray LLP (“GPM”) reminds investors of the impending development June 11, 2021 Deadline for filing a lead plaintiff motion in the class action suit filed on behalf of investors who have intervened or otherwise acquired securities of FibroGen Inc. (“FibroGen” or the “Company”) (NASDAQ: FGEN) October 18, 2017 and April 6, 2021including (the “Class Period”).
If you have suffered a loss on your FibroGen investments or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can find your contact information at https://www.glancylaw.com/cases / submit fibrogen-inc /. You can also contact Charles H. Linehan, from GPM at 310-201-9150, toll free at 888-773-9224, or email Shareholder@glancylaw.com to learn more about your rights.
FibroGen is a biopharmaceutical company developing drugs to treat anemia, fibrotic diseases, and cancer. The most advanced product is Roxadustat, an oral small molecule inhibitor of the activity of hypoxia-inducible factor prolyl hydroxylase (“HIF-PH”), which stimulates the body’s natural pathway to produce red blood cells. in the December 2019The company has filed its new NDA with the US Food and Drug Administration (“FDA”) for approval of roxadustat for the treatment of anemia due to chronic kidney disease (“CKD”).
On April 6, 2021After the market closed, FibroGen made a statement[ing] Clarification of certain earlier disclosures of United States primary cardiovascular safety analyzes from the Roxadustat Phase 3 program for the treatment of Chronic Kidney Disease Anemia (“CKD”) stratification factors. “FibroGen also found that based on analysis using the given stratification factors, it cannot conclude that Roxadustat reduces the risk of MACE + on dialysis and MACE and MACE + on dialysis compared to MACE + ( or is superior to) epoetin-alfa. “
In the news, the company’s share price fell $ 14.90or 43% to close at $ 19.74 per share on April 7, 2021in the case of unusually high trading volumes.
The complaint filed in this class action alleges that throughout the collection period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, business and prospects of the company. In particular, Defendants have failed to advise investors: (1) that certain safety assessments submitted in connection with FibroGen’s NDA for Roxudustat included post-hoc changes in stratification factors; (2) that based on analysis using the stratification factors provided, the Company was unable to conclude that Roxadustat reduced the risk of serious adverse cardiovascular events compared to epoetin alfa; (3) 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 (4) as a result, Defendants’ statements about their business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times.
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If you bought or otherwise acquired FibroGen securities during the class period, you can move the court at the latest June 11, 2021 to seek appointment as the lead plaintiff in this alleged class action lawsuit. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, by GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email firstname.lastname@example.org, or visit our website at www.glancylaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.
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SOURCE Glancy Prongay & Murray LLP