SAN FRANCISCO, April 8, 2021 /PRNewswire/ --Hagens Berman urges FibroGen, Inc.(NASDAQ: FGEN) investors with significant losses to submit your losses now. The firm is investigating possible securities fraud and certain investors may have valuable claims.
The investigation is focused on FibroGen's presentation of false data of roxadustat to make the anemia drug look safer than it is.
In past quarters, FibroGen has touted the prospects of roxadustat. A key selling point for the drug has been 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, reduced their investment recommendations, and the price of FibroGen shares plummeted.
"We're focused on investors' losses and whether FibroGen senior management intentionally manipulated the safety-related data for its anemia drug," said Reed Kathrein, the Hagens Berman partner leading the investigation.
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 844-916-0895 or email [email protected].
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