Investigations

GRABAR LAW OFFICE INVESTIGATES POTENTIAL SHAREHOLDER DERIVATIVE ACTION ON BEHALF OF CURRENT SHAREHOLDERS OF BIOMARIN PHARMACEUTICAL INC. (NASDAQ: BMRN)

A class action alleging BioMarin Pharmaceutical Inc. misled investors has survived a motion to dismiss. 

A Federal Court has held that plaintiffs have adequately plead that BioMarin Pharmaceutical Inc. and several of its executives misled investors about the progress of a new hemophilia therapy it was developing. As alleged, the defendants intentionally misrepresented their interactions with the FDA about the drug’s approval process. while BioMarin represented that it was working “closely” and “collaboratively” with the FDA to achieve accelerated approval when, in reality, it allegedly had “no dialogue” with the FDA for the period in question. BioMarin allegedly misled investors by failing to disclose warning signs from the FDA—including cancelling an important inspection of BioMarin’s manufacturing facility—that approval of its therapy would be delayed or denied while claiming to still be “on track.” When the FDA ultimately denied accelerated approval of the therapy, BioMarin’s share price dropped substantially and market participants and analysts were “shocked” due to the defendants’ previous statements.

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Additional Information About the Potential Shareholder Action

Unlike a class action, brought on behalf of damaged investors, a shareholder derivative action is an action brought by a shareholder of a public company on behalf of and for the benefit of the company itself against the directors and/or officers of that company. In a derivative action, shareholders “step into the shoes” of the directors and officers of a company and bring litigation that the board would be unwilling to pursue on its own.

Current BioMarin shareholders who have held shares of the company’s stock since at least March 3, 2020, can seek corporate reforms, the return of funds back to company coffers and potentially a court approved incentive award if appropriate. 

If you would like to learn more about this matter at no cost to you, please fill out the form provided or contact us at jgrabar@grabarlaw.com or call 267-507-6085. $BMRN

Standard Derivative Form Retainer

Standard Form Derivative Retainer Letter - No Cost
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