| COMPANY |
BioMarin Pharmaceutical Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
20-cv-06719 |
| JUDGE |
The Honorable William H. Orrick |
| CLASS PERIOD |
February 28, 2020 - August 18, 2020 |
| SECURITY TYPE |
All Securities |
Case Background:
On September 25, 2020, the initial complaint in this securities class action was filed against BioMarin Pharmaceutical Inc. (“BioMarin” or the “Company”) and certain of its directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all persons who purchased or acquired BioMarin securities between February 28, 2020 and August 18, 2020, (“Class Period”) both dates inclusive.
BioMarin’s product candidates include, among others, valoctocogene roxaparvovec (“VR”), an investigational adeno associated virus (“AAV”) gene therapy, which is in Phase 3 clinical development for the treatment of patients with severe hemophilia A.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and. prospects. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) differences between the Phase 1/2 and Phase 3 study of VR limited the reliability of the Phase 1/2 study to support VR’s durability of effect; (2) as a result, it was foreseeable that the FDA would not approve the Biologics License Application for VR without additional data; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On February 22, 2021, Plaintiff filed an amended complaint (the “Amended Complaint”). Defendants filed a Motion to Dismiss Plaintiff’s Amended Complaint on April 22, 2021. On January 6, 2022, the Court denied Defendant’s Motion to Dismiss. On June 8, 2023, the Court entered an order preliminarily approving a settlement of the action and scheduled a final hearing date for November 8, 2023. On November 14, 2023, the Court entered an Order granting final approval of settlement and entered final judgment. This action has concluded.
The deadline to file a claim is October 30, 2023. If you have any questions or need further information about this settlement, you may go to the following website https://biomarinsecuritieslitigation.com/, or you can contact the claims administrator, A.B. Data, Ltd., at 877-390-3369.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.