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FGEN.US

FibroGen (FGEN) $28.5M Shareholder Settlement

N.D. California
Court
3:21-cv-2623
Case number
20 Dec 2018
Class period Start
15 Jul 2021
Class period End
FibroGen (FGEN) agreed to settle $28 million with investors to end claims over hiding information about its anemia treatment candidate Roxadustat.
  • FibroGen was accused of hiding information about Roxadustat, a candidate for the treatment of anemia.
  • FibroGen supposedly misled about safety analyses, causing $FGEN drops when the truth came out.
  • FibroGen agreed to pay $28.5M to investors to resolve the claims.
FibroGen and its leaders were accused of not revealing important details about the Roxadustat Phase 3 program.

They supposedly provided false information about the drug's safety.

Moreover, FibroGen's analyses suggested higher risks and doubts about Roxadustat's FDA approval emerged.

On this news, $FGEN dropped when the truth came out.

FibroGen has now decided to resolve all the allegations and pay a $28.5M settlement.
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Filing date
12 April 2021
Plaintiffs
Peifa Xu
Attorneys
Bernstein Litowitz Berger & Grossmann LLP, Saxena White PA (Boca Raton, FL)
Defendants
Enrique Conterno, James Schoeneck, K. Peony Yu
Judge
Edward M Chen
Class wide damages
$603,100,000
Trades matching type
FIFO
+$28,500,000
Total Settlement Amount
Created by Polina Foster, Scout

FibroGen Inc

FibroGen, Inc., a biopharmaceutical company, discovers, develops, and commercializes therapeutics to treat serious unmet medical needs. Its lead product candidates are Pamrevlumab, a human monoclon...

    Ticker
    FGEN.US
    ISIN
    US31572Q8087
    CIK
    921299
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    409 Illinois Street, San Francisco, CA, United States, 94158