Reata Pharmaceuticals, Inc. Sued for Securities Law Violations; Investors should contact Block & Leviton for more information
BOSTON, MA / ACCESSWIRE / December 21, 2021 / Block & Leviton announces that a class action lawsuit has been filed against Reata Pharmaceuticals, Inc. (NASDAQ: RETA) for potential violations of securities law. Investors who have bought stocks and lost money are encouraged to contact the firm to learn more about how they might recoup those losses. For more details, visit https://www.blockleviton.com/cases/reta.
What is all this?
On November 9, 2021, Reata announced that its CARDINAL phase 3 study of bardoxolone in patients with chronic kidney disease caused by Alport syndrome “had met its primary and secondary endpoints by the end of the l ‘year 2 “and that”[b]building on these positive results and following a recently completed pre-NDA meeting with the [FDA], we plan to proceed with the submission of an NDAâ¦ in the first quarter of 2021. â
However, FDA briefing documents released on December 6, 2021 indicate that the FDA “did not agree with the proposed approach” to submit an NDA for bardoxolone under the fast-track approval path. based mainly on data from year 1 on the eGFR of phase 3 of CARDINAL. At the pre-NDA meeting, the FDA had “voice[ed] concerns about the interpretability of the eGFR resultsâ¦ as well as the amount of missing data in the bardoxolone arm and the lack of clarity on how patients with missing data were treated in key analyzesâ¦. “
The company’s shares plunged nearly 40% on December 6, 2021 after the disclosure of the backgrounders.
Then, on Wednesday, December 8, 2021, after the market closed, Reata announced that an FDA advisory committee had voted “no” on whether data submitted by Reata shows bardoxolone is slowing the progression of drug use. chronic kidney disease and whether its benefits outweigh its risks. Reata stock fell 42.8% on the pre-market the next day, December 9, 2021.
Who is eligible?
Anyone who purchased Reata Pharmaceuticals, Inc. shares between November 9, 2020 and December 8, 2021 is potentially eligible whether or not they have sold their investment. Investors should contact Block & Leviton to find out more.
What should you do next?
The deadline to apply for appointment as a lead applicant is February 18, 2022. A group has not yet been certified, and until certification takes place, you are not represented by legal counsel. If you choose not to take any action, you can remain an absent member of the group.
Why contact Block & Leviton?
Many law firms have published press releases on this subject; most of these companies do not actually litigate class actions in securities. Block & Leviton is a real business law firm. We are committed to securing large collections on behalf of defrauded investors through active litigation in federal courts across the country. Many of the country’s leading institutional investors hire us to represent their interests. You can know more about us on our website, www.blockleviton.com, or call (617) 398-5600 or email [email protected] with any questions.
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THE SOURCE: Block & Leviton LLP
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