Securities class action litigation has been filed on behalf of investors in the securities of Fibrogen, Inc. (“Fibrogen” or the “Company”) (NASDAQ: FGEN). If you are an investor who purchased or otherwise acquired the securities and/or sold put options of Fibrogen between November 8, 2019 and April 6, 2021, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than June 11, 2021.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the action. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.
Fibrogen investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should use the form below 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.
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