SAN FRANCISCO, May 11, 2021 Hagens Berman urges FibroGen, Inc. (NASDAQ: FGEN) investors with significant losses to submit your losses now.
Class Period: Oct. 18, 2017 – Apr. 6, 2021
Lead Plaintiff Deadline: June 11, 2021
FibroGen, Inc. (NASDAQ: FGEN) Securities Fraud Action:
The complaint centers on FibroGen’s presentation of false data of roxadustat to make the anemia drug look safer than it is.
Throughout the Class Period, FibroGen touted the prospects of roxadustat. A key selling point for the drug was its purported heart safety as compared to standard of care erythropoietin (EPO) injectable therapies, which cannot be proscribed to a variety of patients at risk of major cardiac events. To support this marketing edge, FibroGen presented data from phase 3 trials purportedly showing roxadustat was safer than EPO, among other at risk populations, in incident dialysis patients.
But after the market closed on Apr. 6, 2021, FibroGen stunningly admitted to altering stratification factors to make roxadustat’s hazard ratios indicate lower risk relative to EPO. As a result of the data manipulation, FibroGen CEO Enrique Conterno admitted that the company can no longer say its drug was safer than EPO in incident dialysis patients.
In response to this news, several analysts slashed their FibroGen share price targets and reduced their investment recommendations. On this news, the Company’s share price fell over 43%, to close at $19.74 per share on Apr. 7, 2021. Shares continued to fall 5% on Apr. 8, 2021, on heavy volume.
“We’re focused on investors’ losses and proving FibroGen senior management intentionally manipulated the safety-related data for its anemia drug,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a FibroGen investor and have significant losses, or have knowledge that may assist the firm’s investigation, 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.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located.