Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of FibroGen, Inc. who purchased shares between November 8, 2019 and April 6, 2021.
FibroGen and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 6, 2021, post-market, the Company disclosed that cardiovascular safety data it had previously submitted for the Phase 3 program of its roxadustat product “included post-hoc changes to the stratification factors.” As a result of these changes, the complaint alleges, the Company was forced to concede that roxadustat 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, contrary to prior representations.
On this news, shares of FibroGen plummeted $14.90, or 43%, to close at $19.74 per share on April 7, 2021, on heavy volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 11, 2021 to request that the court appoint them lead plaintiff.