NEW YORK, December 30, 2021 / PRNewswire / – Bernstein Liebhard LLP Announces that a Securities Class Action has been filed on behalf of investors who have purchased or acquired securities and / or sold put options of Reata Pharmaceuticals, Inc. (“Reata” or the “Company”) (NASDAQ: RETA) between November 9, 2020 and December 8, 2021, included (the âRecourse Periodâ). The lawsuit was filed in United States District Court of the Eastern District of Texas and alleges violations of the Securities Exchange Act of 1934.
If you Reata securities purchased or otherwise acquired and / or sold put options, and / or wish to discuss your legal rights and options, please visit Reata Pharmaceuticals Inc Shareholder class action or contact Joe seidman free of charge at (877) 779-1414 Where firstname.lastname@example.org.
Reata is a clinical-stage biopharmaceutical company focused on small molecule therapies. One of its two flagship product candidates is bardoxolone methyl (“bardoxolone”), which is under development for multiple indications, including chronic kidney disease (CKD) caused by Alport syndrome (“AS”). .
According to the complaint, the defendants made materially false and / or misleading statements, and failed to disclose material adverse facts regarding the business, operations and prospects of the company. Specifically, the Defendants failed to disclose to investors that: (i) the FDA raised concerns about the validity of the clinical study designed to measure the efficacy and safety of bardoxolone for the treatment of insufficiency. chronic kidney disease caused by Alport syndrome; (ii) as a result, there was a significant risk that Reata’s NDA would not be approved; and (iii) as a result of the foregoing, the Defendants’ statements regarding the business, operations and prospects of the Company were substantially misleading and / or lacked reasonable basis.
At March 1, 2021, Reata announced that she has submitted her New Drug Application (“NDA”) to the FDA for bardoxolone as a treatment for CKD caused by Alport syndrome (“AS”). The company’s Phase 3 CARDINAL study was designed to measure the efficacy and safety of bardoxolone. The primary endpoint for the second year was the change from baseline in estimated glomerular filtration rate (âeGFRâ) after 100 weeks of treatment (end of treatment). The key secondary endpoint for year two was change from baseline in eGFR at week 104 (four weeks after the last dose in year two of treatment).
At December 6, 2021, the FDA released backgrounders ahead of a meeting of the company’s NDA advisory committee for bardoxolone, saying that throughout clinical development, the agency had repeatedly questioned the validity of the design from the Reata study because the pharmacodynamic effect of bardoxolone on renal function would make the results difficult to assess the efficacy of the drug. Although the FDA agreed that the Phase 3 study of Reata met its endpoints, “the FDA review team d[id] I do not believe the data submitted demonstrates that bardoxolone is effective in slowing the loss of kidney function in patients with AS and reducing the risk of progression to kidney failure.
Following this news, the Company’s share price fell $ 29.77, or 38%, to close at $ 48.92 per share on December 6, 2021, on an unusually high volume of transactions.
If you wish to act as the principal applicant, you must apply to the Court at the latest February 18, 2022. A principal plaintiff is a representative party acting on behalf of the other members of the class to direct the litigation. Your ability to participate in any recovery does not require you to serve as the principal applicant. If you choose not to take any action, you can remain an absent group member.
If you bought or otherwise acquired Reata securities, and / or sold put options, and / or wish to discuss your legal rights and options please visit https://www.bernlieb.com/cases/reatapharmaceuticalsinc-reta-shareholder-lawsuit-class-action-fraud-stock-470/ or contact Joe seidman free of charge at (877) 779-1414 Where email@example.com.
Since 1993, Bernstein Liebhard LLP has collected more than $ 3.5 billion for its customers. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and take legal action on their behalf. Due to its success in litigating hundreds of lawsuits and class actions, the firm has been named thirteen times on the National Law Journal’s Plaintiff List and listed in The Legal 500 for ten consecutive years.
LAWYER ADVERTISING. Â© 2021 Bernstein Liebhard LLP. The law firm responsible for this announcement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this announcement in the State of Connecticut is Michael S. Bigin. Past results do not guarantee or predict a similar result with respect to any future matters.
Bernstein Liebhard srl
View original content to download multimedia:https://www.prnewswire.com/news-releases/reata-pharmaceuticals-inc-nasdaq-reta-shareholder-class-action-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action- a-lawsuit-was-filed-against-reata-pharmaceuticals-inc-nasdaq-reta-301452047.html
SOURCE Bernstein Liebhard LLP