SAN FRANCISCO, CA / ACCESSWIRE / October 30, 2020 / Hagens Berman updates investors in the following publicly-traded companies and urges investors who have suffered significant losses to contact the firm. Further details about the cases can be found at the links provided.
BioMarin Pharmaceutical (NASDAQ:BMRN) Securities Class Action:
The complaint alleges that Defendants' statements misrepresented and concealed material information about BioMarin's valoctocogene roxaparvovec product candidate, potentially the first gene therapy approved by the U.S. FDA for hemophilia in the U.S.
Specifically, throughout the Class Period, Defendants misstated or omitted to disclose that (1) differences between the phase 1/2 and phase 3 study of valoctocogene roxaparvovec limited the reliability of the phase 1/2 study to support valoctocogene roxaparvovec's durability of effect, and (2) as a result, it was foreseeable that the FDA would not approve BioMarin's Biologics License Application ("BLA") for valoctocogene roxaparvovec without additional data.
Investors allegedly began to learn the truth on Aug. 19, 2020, when BioMarin announced it received the FDA's complete response letter ("CRL") to the BLA indicating the FDA recommended the company submit additional data upon completion of the phase 3 study since the difference between the phase 1/2 and phase 3 studies limited the FDA's ability to rely on the phase 1/2 study to support the durability of effect.
Analysts at Guggenheim were shocked by the Company's disclosure, noting "[t]his news came as a negative surprise to us in light of mgt commentary and other launch-related prep (by BMRN and other payers) and pushes out a potential Roctavian approval until ~2022."
This news drove the price of BioMarin shares down over 35% that day.
"We're focused on investors' losses and proving Defendants misled investors about the phase 1/2 reliability for the BLA," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a BioMarin investor or may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Credit Acceptance Corp. (NASDAQ:CACC) Securities Fraud Class Action:
The Complaint alleges that, throughout the Class Period, Defendants misrepresented and concealed that: (1) CACC topped off packaged and securitized pools of loans with higher-risk loans; (2) the company made high-interest subprime auto loans it knew borrowers could not repay; (3) borrowers were subject to hidden finance charges, resulting in loans exceeding the state law mandated usury rate ceiling; (4) the company engaged in illegal debt collection practices; and, (5) that the company was likely to face regulatory scrutiny and possible penalties.
Investors allegedly began to learn the ugly truth on Aug. 28, 2020, when the Massachusetts Attorney General sued Credit Acceptance. The AG alleged that since 2013 the company topped off packaged and securitized loan pools with higher-risk loans despite telling investors otherwise. The AG also alleged Credit Acceptance's business model is predicated on making loans to borrowers who are unlikely to repay them then engaging in abusive or unlawful debt collection practices to make money.
This news sent the price of Credit Acceptance shares crashing $85.36 lower, or over 18%, during the next two trading days.
"We're focused on investors' losses and proving Credit Acceptance concealed its deceptive and illegal lending and collection practices," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Credit Acceptance investor, click here to discuss your legal rights with Hagens Berman.
First American Financial (NYSE:FAF) Securities Fraud Class Action:
The lawsuit centers on the accuracy of First American's statements about the company's data protection practices and procedures.
Specifically, the complaint alleges that Defendants misled investors about First American's basic security standards to protect its customers' sensitive personal information and data and its heightened risk of cybersecurity failure resulting from its automation and efficiency initiatives which First American touted as giving it a distinct competitive advantage.
According to the lawsuit, investors began to learn the truth on May 24, 2019 when KrebsOnSecurity.com, a noted cybersecurity blog, reported First American leaked hundreds of millions of title insurance records. KrebsOnSecurity reportedly confirmed a tip from a real estate developer and found that First American's website exposed approximately 885 million files, many of which are records of wire transactions with bank account numbers and other personal data.
Then, on Oct. 22, 2020, First American disclosed it received a Wells Notice from the SEC informing the company that the SEC's enforcement staff determined to recommend the SEC file an enforcement action against the company related to its disclosures of, and controls for-, the aforementioned leak.
These events drove the price of First American shares sharply lower.
"We're focused on investors' losses, proving Defendants intentionally misled investors about First American's data security standards and practices, and whether Defendants also misled investors about the company's financial results," said Hagens Berman partner Reed Kathrein.
If you are a First American investor and have significant losses, or have knowledge that may assist the firm's investigation and prosecution of this matter, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding BioMarin, Credit Acceptance, and/or First American should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BMRN@hbsslaw.com, CACC@hbsslaw.com, and/or FAF@hbsslaw.com.
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman
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