FGEN Stock: Berger Montague Investigates Potential Securities Fraud Claims Against FibroGen, Inc. (FGEN) For Manipulating Drug Data
Philadelphia, Pennsylvania--(Newsfile Corp. - April 8, 2021) - Berger Montague is investigating potential securities fraud claims against FibroGen, Inc. ("FibroGen" or the "Company") on behalf of investors who purchased FibroGen securities (NASDAQ: FGEN).
If you purchased FibroGen securities, have questions concerning your rights or interests, or would like to discuss Berger Montague's investigation, please contact attorneys Andrew Abramowitz at email@example.com or (215) 875-3015, or Donnell Much at firstname.lastname@example.org or (215) 875-4667, or contact us at www.bergermontague.com/fibrogen.
FibroGen, a biopharmaceutical company headquartered in San Francisco, is developing roxadustat as a treatment for anemia in patients with chronic kidney disease ("CKD"). The investigation is focused on FibroGen's presentation of false data regarding roxadustat to make the anemia drug look safer than it is.
In recent quarters, the Company has touted the prospects of roxadustat, specifically its purported heart safety, which is a key selling point for the drug because other therapies, such as erythropoietin ("EPO") injectable therapies, cannot be prescribed to certain patients at risk of major cardiac events. To support this market advantage, FibroGen presented data from phase 3 trials which purportedly showed that roxadustat was safer than EPO in incident dialysis patients, among other at-risk populations.
However, on April 6, 2021, after the market closed, the Company issued a press release in which it admitted to altering stratification factors in order to make roxadustat's hazard ratios indicate lower risk relative to EPO. As a result of the data manipulation, FibroGen CEO Enrique Conterno admitted that the Company could no longer claim that its drug was safer than EPO in incident dialysis patients.
On this stunning revelation, shares of FibroGen plummeted $14.90 per share - more than 43% - in one trading day, from a closing price of $34.64 on April 6, 2021 to a closing price of $19.74 on April 7, 2021.
Whistleblowers: Persons with non-public information regarding FibroGen are encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Donnell Much, Associate
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