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SAN FRANCISCO, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges FibroGen, Inc. (NASDAQ: FGEN) investors who have suffered significant losses to submit their loss now to learn if they qualify to recover their investment losses. The firm is investigating FibroGen for possible violations of federal securities laws and FGEN investors may have valuable claims.
Relevant Holding Period: Before Nov. 12, 2019
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FibroGen (FGEN) Investigation:
The investigation centers on FibroGen’s disclosures concerning the safety and efficacy of Roxadustat, a drug candidate for treating anemia in chronic kidney disease (“CKD”) patients.
On Nov. 4, 2019, research firm Plainview LLC published a scathing report entitled “The Next Big Biotech Blow-Up,” alleging that “FibroGen has been mysteriously unforthcoming” about the highly anticipated safety results of its pivotal Phase 3 trials of Roxadustat. Plainville accused the Company of “withholding” certain critical data and stated that “FibroGen Management has trumpeted misleading statistics.”
This news sent the price of FibroGen shares down over $3.00, or down about 7.5%, on November 4, 2019.
Then, on Nov. 12, 2019, Seeking Alpha reported on a research note attributed to Muddy Waters entitled “Smoke, mirrors and patient deaths: Fibrogen and AstraZeneca aren’t giving investors the full picture on roxadustat safety. We believe the FDA will not approve Roxadustat. (Price target: $14).” According to the research note, (1) “SMOKING GUN – there are more deaths in the Roxadustat program than were revealed at ASN,” (2) “An ENTIRE STUDY is missing from the DD-CKD pooled safety data analysis,” (3) “Selective data presentation masks a roxadustat death imbalance,” and (4) “In EVERY DD-CKD study, there are more deaths on the Roxadustat arm.”
This news sent the price of FibroGen shares down as much as $3.07, or down about 8.7%, during intraday trading on Nov. 12, 2019.
“We’re focused on recovering investors’ losses and whether the Company may have misled investors about the safety its core drug candidate,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of FibroGen and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding FibroGen should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email FGEN@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000