Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Fibrogen, Inc., from November 8, 2019, through April 6, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased Fibrogen securities, and/or would like to discuss your legal rights and options please visit Fibrogen Shareholder Class Action Lawsuit 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, as well as failed to disclose to investors that:(i) that the Company’s prior disclosures of U.S. primary cardiovascular safety analyses from the roxadustat Phase 3 program for the treatment of anemia of CKD included post-hoc changes to the stratification factors; (ii) that FibroGen’s analyses with the pre-specified stratification factors result in higher hazard ratios (point estimates of relative risk) and 95% confidence intervals; (iii) that, based on these analyses, the Company could not conclude that roxadustat reduces the risk of (or is superior to) MACE+ in dialysis, and MACE and MACE+ in incident dialysis compared to epoetin-alfa; (iv) that, as a result, the Company faced significant uncertainty that its NDA for roxadustat as a treatment for anemia of CKD 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 lacked a reasonable basis.
On April 6, 2021, after the market closed, FibroGen issued a press release providing additional information Roxadustat which stated that the “primary cardiovascular safety analyses included post-hoc changes to the stratification factors.”
On this news, the Company’s share price fell $14.90, or 43%, to close at $19.74 per share on April 7, 2021, on heavy volume. Shares continued to fall on April 8, 2021, to close at $18.81 per share (a decline of $0.93 per share or 4.7%), on heavy volume.
If you wish to serve as lead plaintiff, you must move the Court no later than June 11, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Fibrogen securities, and/or would like to discuss your legal 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 recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
Matthew E. Guarnero
Bernstein Liebhard LLP