NEW YORK, April 26, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of FibroGen, Inc. ("FibroGen" or the "Company")(NASDAQ: FGEN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether FibroGen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 1, 2021, FibroGen issued a press release providing a regulatory update regarding the Company's product roxadustat. FibroGen disclosed "that the Cardiovascular and Renal Drugs Advisory Committee of the U.S. Food and Drug Administration (FDA) will hold an advisory committee (AdCom) meeting to review the new drug application for roxadustat in the U.S." and that FibroGen has "not received a confirmed AdCom meeting date from the FDA." On a conference call that same day, Enrique Conterno, FibroGen's Chief Executive Officer, stated that he was "surprised by the timing of [the FDA's] request," claiming that the FDA had on several occasions indicated it was not planning to take such a step. Analysts and industry observers noted that the FDA's decision raised significant questions about roxadustat's approval prospects.
On this news, FibroGen's stock price fell $12.26 per share, or 24.66%, to close at $38.07 per share on March 2, 2021.
Then, on April 6, 2021, FibroGen issued a press release "provid[ing] clarification of certain prior disclosures of U.S. primary cardiovascular safety analyses from the roxadustat Phase 3 program". The Company's Chief Executive Officer stated that "[a]s members of senior management were preparing for the upcoming FDA Advisory Committee meeting, we became aware that the primary cardiovascular safety analyses included post-hoc changes to the stratification factors" and "promptly decided to clarify this issue with the FDA and communicate with the scientific and investment communities."
On this news, FibroGen's stock price fell $14.90 per share, or 43%, to close at $19.74 per share on April 7, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP