RETA.US
id: 893
Reata Pharmaceuticals (RETA) $45M Shareholder Settlement
E.D. Texas
Court4:21-cv-00987
Case number11/14/2016
Class period Start12/08/2021
Class period End04/24/2024
Claim deadlineReata Pharmaceuticals (RETA) agreed to settle $45 million with shareholders to end claims over failing to disclose concerns about the validity of a clinical study for kidney disease candidate, bardoxolone.
Case Details:
Reata Pharmaceuticals developed a drug called bardoxolone for kidney disease. They applied for FDA approval, highlighting positive study results.
However, Reata supposedly didn't reveal FDA concerns about the study's validity, risking the drug's approval.
On December 6, 2021, the FDA questioned the study design, causing $RETA to drop by 38%.
Two days later, the FDA declared bardoxolone ineffective, leading to an additional 46% $RETA decline.
Reata has now decided to resolve all the allegations and pay a $45M settlement.
Case Status
Disbursement
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
1.67
Filing date
12/20/2021
Lead Plaintiff Deadline
02/18/2022
Plaintiffs
Tim Doyle
Attorneys
Kirby McInerney LLP
Defendants
Warren Huff, Manmeet S. Soni, Colin J. Meyer, R. Kent McGaughy, Jr., Jack B. Nielsen, William E.Rose, William D. McClellan, Jr., and James E. Bass
Judge
Amos L. Mazzant III
Administrator
EPIQ
Court hearing date
03/29/2024
Exclusion deadline
03/08/2024
Objection deadline
03/08/2024
Class wide damages
$834,300,000
Trades matching type
LIFO
+$45,000,000
Cash Settlement AmountFrequently Asked Questions
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