SAN FRANCISCO, CA – (April 26, 2021) – The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities and/or sold put options of Fibrogen, Inc. (“Fibrogen” or the “Company”) (NASDAQ: FGEN) between November 8, 2019 and April 6, 2021, inclusive (the “Class Period”).
If you purchased or otherwise acquired Fibrogen securities and/or sold Fibrogen put options during the Class Period, you may move the Court for appointment as lead plaintiff by no later than June 11, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Fibrogen investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Fibrogen Securities Class Litigation
FibroGen, headquartered in San Francisco, California, is a pharmaceutical company that develops medicines for the treatment of anemia, fibrotic disease, and cancer. One of its flagship products is roxadustat, a drug used to treat of anemia caused by chronic kidney disease (“CKD”). In 2019, FibroGen filed its New Drug Application (“NDA”) with the U.S. Food and Drug Administration (“FDA”) for the approval of roxadustat. The action alleges that, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose to investors: (1) that certain safety analyses submitted in connection with FibroGen’s NDA for roxudustat included post-hoc changes to stratification factors; (2) that based on analyses using the pre-specified stratification factors, the Company could not conclude that roxadustat reduces the risk of major adverse cardiovascular events compared to standard of care epoetin-alfa; (3) as a result, there was significant risk that the FDA would not approve Fibrogen’s NDA for roxadustat as a treatment for anemia of CKD; and (4) 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.
The truth emerged on April 6, 2021 when FibroGen revealed that certain of its prior disclosures of U.S. primary cardiovascular safety analyses from the roxadustat phase 3 program for the treatment of anemia of CKD included undisclosed and improper post-hoc changes to stratification factors and did not include analyses based on the pre-specified stratification factors. The Company further revealed that based on analyses using pre-specified stratification factors, “we cannot conclude that roxadustat reduces the risk of (or is superior to)” a competing drug made by another manufacturer. Following this news, FibroGen’s stock price fell $14.90, or 43%, from its closing price of $34.64 on April 6, 2021, to close at $19.74 per share on April 7, 2021.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
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Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP