HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Alerts Reata Pharmaceuticals, Inc. (RETA) Investors to Lead Plaintiff Opportunity in Securities Fraud Class Action
SAN FRANCISCO, Dec. 23, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Reata Pharmaceuticals, Inc. (NASDAQ: RETA) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
Reata Pharmaceuticals, Inc. (RETA) Securities Fraud Class Action:
The complaint alleges that Defendants made false and misleading statements about Reata’s Phase 3 (CARDINAL) study of one of its lead product candidates, bardoxolone methyl for treatment of chronic kidney disease caused by Alport syndrome (“AS”) and the related new drug application (“NDA”).
Specifically, Defendants failed to disclose to investors: (1) that the FDA had raised concerns regarding the validity of the CARDINAL study and (2) as a result, there was a material risk that the FDA would not approve Reata’s NDA.
The truth began to emerge on Dec. 6, 2021, when the FDA released a set of briefing documents ahead of the Dec. 8, 2021 Cardiovascular and Renal Drugs Advisory Committee meeting revealing that the FDA questioned the validity of the study design during meetings with Reata and believed the submitted data did not demonstrate that bardoxolone is effective in slowing loss of kidney function and reducing risk of progression to kidney failure in patients with AS.
Then, on Dec. 8, 2021, the FDA Advisory Committee unanimously decided that bardoxolone was not effective based on the submitted data.
These events drove the price of Reata shares sharply lower.
“We’re focused on investors’ losses and proving Reata misled investors about the bardoxolone’s study data and its communications with the FDA,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Reata Pharmaceuticals and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Reata Pharmaceuticals 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 RETA@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895