Governance & Derivative

FibroGen, Inc. (NasdaqGS: FGEN)

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), provides an update to KSF’s  continued investigation into FibroGen, Inc. (NasdaqGS: FGEN).

On April 6, 2021, the Company disclosed that cardiovascular safety data it had previously submitted for the Phase 3 program of its Roxadustat product “included post-hoc changes to the stratification factors.” Then, on July 15, 2021, the FDA’s Advisory Committee unequivocally concluded that the Company’s own undisclosed, prespecified sensitivity analyses demonstrated that Roxadustat’s efficacy over Epogen was inconclusive at best, that it caused “greater rates of some important adverse events [] than even [Epogen],” including a higher rate of death and other major side effects, and that the Committee had voted virtually unanimously against approval for Roxadustat for any patient population, even with a “Black Box” warning. The Company was subsequently sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws.

Recently, the court presiding over that case denied the Company’s motion to dismiss in part, allowing the case to move forward. KSF’s investigation is focusing on whether FibroGen’s officers and/or directors breached their fiduciary duties to the Company’s shareholders or otherwise violated state or federal laws.

If you have information that would assist KSF in its investigation, or have been a long-term holder of FibroGen shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.