| COMPANY |
FibroGen, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
21-cv-02623 |
| JUDGE |
The Honorable Jacqueline Scott Corley |
| CLASS PERIOD |
November 8, 2019 - April 6, 2021 |
| SECURITY TYPE |
All Securities |
Case Background:
On April 12, 2021, the initial complaint in this securities class action was filed against FibroGen Inc. (“FibroGen” or the “Company”) and certain of Fibrogen’s 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 FibroGen securities between November 18, 2019 through April 6, 2021, (“Class Period”) both dates inclusive.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the complaint alleges that Defendants failed to disclose to investors that: (1) the Company’s prior disclosures of U.S. primary cardiovascular safety analyses from the roxadustat Phase 3 program for the treatment of anemia certain safety analyses submitted in connection with CKD included post-hoc changes to the stratification factors; (2) FibroGen’s analyses with the pre-specified stratification factors result in higher hazard ratios (point estimates of relative risk) and 95% confidence intervals; (3) based on these analyses the Company could not conclude that roxadustat reduces the risk of (or is superior to) MACE+ in dialysis, and MACE and MACE+ in incident dialysis compared to epoetin-alfa; (4) as a result, the Company faced significant uncertainty that its NDA for roxadustat as a treatment for anemia of CKD would be approved by the FDA; and (5) as a result of the foregoing, Defendants’ statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
Plaintiffs filed a consolidated complaint. The Court denied Defendants’ Motion to Dismiss on July 15, 2022. On October 3, 2023, the Court partially certified the
On December 8, 2023, Lead Plaintiffs filed a Motion for Preliminary Approval of Class Action Settlement. On February 13, 2024, the Court issued an Order Preliminarily Approving Class Action Settlement and scheduled a Final Settlement Hearing on May 16, 2024.
The deadline to file a claim is June 12, 2024. If you have any questions or need further information about this settlement, you may go to the following website https://www.fibrogensecuritieslitigation.com/, or you can contact the claims administrator, JND Legal Administration at 877-595-0137.
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.