RADNOR, Pa., April 24, 2021 /PRNewswire/ — The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed against FibroGen, Inc. (NASDAQ: FGEN) (“FibroGen”) on behalf of those who purchased or acquired FibroGen securities and/or sold put options from November 8, 2019 through April 6, 2021, inclusive (the “Class Period”).
Investor Deadline Reminder: Investors who purchased or acquired FibroGen securitiesduring the Class Period may, no later than June 11, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail firstname.lastname@example.org; orclick https://www.ktmc.com/fibrogen-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=fibrogen
FibroGen is a biopharmaceutical company that develops medicines for the treatment of anemia, fibrotic disease, and cancer.
The Class Period commences on November 8, 2019 when FibroGen issued a press release announcing “Positive Phase 3 Pooled Roxadustat Safety and Efficacy Results”. In the press release, and throughout the Class Period, FibroGen touted roxadustat as a safe treatment for anemia of chronic kidney disease (“CKD”).
However, the truth was revealed on April 6, 2021 when, after the market closed, FibroGen issued a press release that revealed that FibroGen’s previously disclosed safety data included undisclosed post-hoc changes to the stratification factors and did not include analyses based on the pre-specified stratification factors. As a result of these changes, the complaint alleges that FibroGen was forced to concede that roxadustat, contrary to prior representations, did not reduce the risk of cardiovascular events or hospitalization as compared to a currently approved anemia injection used as a control based on pre-specified stratification factors. Following this news, FibroGen’s stock price fell $14.90, or 43%, to close at $19.74 per share on April 7, 2021.
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) FibroGen’s prior disclosures of U.S. primary cardiovascular safety analyses from the roxadustat Phase 3 program for the treatment of anemia and certain safety