GRABAR LAW OFFICE INVESTIGATES CLAIMS AGAINST OFFICERS AND DIRECTORS OF FIBROGEN, INC. (NASDAQ: FGEN)
Grabar Law Office is investigating potential claims on behalf of FibroGen, Inc. (NASDAQ: FGEN) shareholders. The investigation concerns whether certain officers of FibroGen have breached their fiduciary duties owed to the company.
FibroGen, Inc. is a biopharmaceutical company that develops medicines for the treatment of anemia, fibrotic disease, and cancer. Its most advanced product is roxadustat, an oral small molecule inhibitor of hypoxia-inducible factor-prolyl hydroxylase (“HIF-PH”) activity that acts by stimulating the body’s natural pathway for red cell production. In 2019, the Company filed its New Drug Application (“NDA”) with the U.S. Food and Drug Administration for the approval of roxadustat for the treatment of anemia due to chronic kidney disease (“CKD”).
The underlying complaint alleges that Defendants failed to disclose to investors: (i) that the Company's prior disclosures of U.S. primary cardiovascular safety analyses from the roxadustat Phase 3 program for the treatment of anemia of CKD included post-hoc changes to the stratification factors; (ii) that FibroGen's analyses with the pre-specified stratification factors result in higher hazard ratios (point estimates of relative risk) and 95% confidence intervals; (iii) that, 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; (iv) that, 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 (v) that, 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.
On July 15, 2022, the Court issued an Order denying Defendants' Motion to Dismiss.
Current FibroGen shareholders who have held FibroGen stock since on or before December 21, 2018, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
If you would like to learn more about this matter, you are encouraged to contact us at firstname.lastname@example.org, or call Joshua Grabar at 267-507-6085.