Berman Tabacco Investigates Potential Securities Law Violations By California-Based FibroGen Inc. (FGEN) In Connection with Roxadustat "Clarification"
San Francisco, California--(Newsfile Corp. - April 8, 2021) - Berman Tabacco, a national law firm representing investors, is investigating potential securities law claims against FibroGen Inc. (NASDAQ: FGEN) ("FibroGen" or the "Company"). FibroGen is a biopharmaceutical company developing roxadustat, a treatment of anemia in chronic kidney disease ("CKD").
On November 8, 2019, the Company issued a press release announcing, "Positive Phase 3 Pooled Roxadustat Safety and Efficacy Results for Treatment of Anemia in Chronic Kidney Disease". In response to this news, shares of FibroGen traded up $3.65 per share to close at $41.62 on November 8, 2019 from a close of $37.97 on November 7, 2019 (up approximately 10%), on heavy volume.
On April 6, 2021, after the market closed, the Company issued a press release to "provided clarification of certain prior disclosures of U.S. primary cardiovascular safety analyses from the roxadustat Phase 3 program for the treatment of anemia of [CKD]". The Company stated that it "became aware that the primary cardiovascular safety analyses included post-hoc changes to the stratification factors".
In response to this news, shares of FibroGen closed on April 7, 2021 at $19.74 per share down $14.90 per share from its close of $34.64 on April 6, 2021 (a decline of approximately 43%).
If you purchased FibroGen securities between November 7, 2019 and April 6, 2021, inclusive, and would like more information regarding this investigation, or if you wish simply to share information about the investigation, please visit: http://www.bermantabacco.com/case/fibrogen-inc/.
Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in San Francisco, California and Boston, Massachusetts.
This notice may constitute attorney advertising.
Jeffrey Rocha, Esq.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79834