Bronstein, Gewirtz & Grossman, LLC Notifies Investors of FibroGen, Inc. (FGEN) Investigation
NEW YORK, NY / ACCESSWIRE / April 8, 2021 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of FibroGen, Inc. ("FibroGen" or "the Company") (NASDAQ:FGEN). Investors who purchased FibroGen securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/fgen.
The investigation concerns whether FibroGen and certain of its officers and/or directors have violated federal securities laws.
On March 1, 2021, FibroGen issued a press release providing a regulatory update regarding the Company's product roxadustat. FibroGen disclosed "that the Cardiovascular and Renal Drugs Advisory Committee of the U.S. Food and Drug Administration (FDA) will hold an advisory committee (AdCom) meeting to review the new drug application for roxadustat in the U.S." and that FibroGen has "not received a confirmed AdCom meeting date from the FDA." On a conference call that same day, Enrique Conterno, FibroGen's Chief Executive Officer, stated that he was "surprised by the timing of [the FDA's] request," claiming that the FDA had on several occasions indicated it was not planning to take such a step. Analysts and industry observers noted that the FDA's decision raised significant questions about roxadustat's approval prospects. On this news, FibroGen's stock price fell $12.26 per share, or 24.66%, to close at $38.07 per share on March 2, 2021. Then, on April 6, 2021, FibroGen issued a press release "provid[ing] clarification of certain prior disclosures of U.S. primary cardiovascular safety analyses from the roxadustat Phase 3 program". The Company's Chief Executive Officer stated that "[a]s members of senior management were preparing for the upcoming FDA Advisory Committee meeting, we became aware that the primary cardiovascular safety analyses included post-hoc changes to the stratification factors" and "promptly decided to clarify this issue with the FDA and communicate with the scientific and investment communities." On this news, FibroGen's stock price fell $14.90 per share, or 43%, to close at $19.74 per share on April 7, 2021.
If you are aware of any facts relating to this investigation, or purchased FibroGen shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/fgen. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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