Lead Plaintiff Deadline: 06/11/2021
SUMMARY OF CASE:
A securities class action has been filed FibroGen,Inc. (FGEN) on behalf of all other persons and entities who purchased orotherwise acquired FibroGen securities and/or sold put options between November 8, 2019 through April 6, 2021. This case has been filed in the USDC – N.D.CA.
The Complaint alleges that during the Class Period Defendants engaged in a scheme to deceive the market and a course of conduct that artificially inflated the Company’s common stock, and operated as a fraud or deceit on acquirers of the Company’s common stock. As detailed above, when the truth about the Company’s financial situation was revealed, the Company’s common stockdeclined as the prior artificial inflation came out of its common stock price. That decline in Company’s common stock was a direct result of the nature and extent of the fraud finally being revealed to investors and the market. The timing and magnitude of the common stockprice decline negates any inference that the loss suffered by Plaintiff and other members of the Class was caused by changed market conditions, macroeconomic or industry factors or Company-specific facts unrelated to the fraudulent conduct. The economic loss, i.e.,damages, suffered by the Plaintiff and other Class members was a direct result of the fraudulent scheme to artificially inflate the Company’s common stock and the subsequent significant decline in the value of the Company’s common stockwhen the prior misrepresentations and other fraudulent conduct were revealed.