Update on the Distribution of Net Settlement Funds
The Court has approved the distribution of the net settlement funds to eligible Court-approved Claimants who qualified for an award under the Plan of Allocation. A distribution of funds has occurred on the following date/s:
February 12, 2025

Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available.

If you have any questions, please contact the Claims Administrator whose contact information is listed here below:
(877) 595-0137, Info@FibroGenSecuritiesLitigation.com

The information contained on this website is only a summary of the information presented in more detail Notice of (I) Proposed Settlement and Plan of Allocation (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details. 

Summary of the Action and Settlement

The Notice relates to a Settlement of claims in a securities class action brought by investors alleging, among other things, that defendants FibroGen, Enrique Conterno (“Conterno”), James A. Schoeneck (“Schoeneck”), Mark Eisner (“Eisner”), Pat Cotroneo (“Cotroneo”), and K. Peony Yu (“Yu”) (collectively, the “Individual Defendants,” and together with FibroGen, the “Defendants”)  misrepresented the safety profile and Phase III trial results of its flagship anti-anemia drug, Roxadustat, for which the Company had submitted a new drug application (“NDA”) to the United States Food & Drug administration (“FDA”) in December 2019 in order to obtain approval for marketing the drug in the United States.  The Complaint further alleges that FibroGen’s stock price was artificially inflated as a result of Defendants’ false and misleading statements, and that FibroGen’s stock price declined when the alleged truth regarding Defendants’ alleged misrepresentations was revealed.  A more detailed description of the Action is set forth in paragraphs 11-24 of the Notice.  The proposed Settlement, if approved by the Court, will settle the claims of the Settlement Class, as defined in paragraph 25 of the Notice. 

Lead Plaintiffs, on behalf of themselves and the Settlement Class, have agreed to settle the Action in exchange for a settlement payment of $28,500,000.00 in cash (the “Settlement Amount”) to be deposited into an escrow account.  The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (a) any Taxes and Tax Expenses, (b) any Notice and Administration Costs, (c) any Litigation Expenses awarded by the Court, (d) any attorneys’ fees awarded by the Court, and (e) any other deductions ordered by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class.  The proposed plan of allocation (the “Plan of Allocation”) is set forth in paragraphs 55-79 of the Notice. 

Lead Plaintiffs’ principal reason for entering into the Settlement is the substantial immediate cash benefit for the Settlement Class without the risk or the delays inherent in further litigation.  Moreover, the substantial cash benefit provided under the Settlement must be considered against a number of factors, including FibroGen’s cash position and its resources that could be allocated to any settlement or recovery. Defendants, who deny all allegations of wrongdoing or liability or any violation of the law whatsoever, are entering into the Settlement solely to eliminate the uncertainty, distraction, time, burden and expense of further protracted litigation.  

If you are a member of the Settlement Class, you are subject to the Settlement, unless you timely requested to be excluded. The Settlement Class consists of: 

All persons who purchased or acquired FibroGen, Inc. (“FibroGen or the “Company”) securities, including options, between December 20, 2018 through July 15, 2021, inclusive (the “Settlement Class Period”). 

Excluded from the Settlement Class are (1) Defendants; (2) the Officers or directors of FibroGen during the Settlement Class Period; (3) the Immediate Family members of any Defendant or any Officer or director of FibroGen during the Settlement Class Period; and (4) any entity that any Defendant owns or controls, or owned or controlled, during the Settlement Class Period.   Also excluded from the Settlement Class are those persons who submit valid and timely requests for exclusion in accordance with the Preliminary Approval Order, or the plaintiffs in the Opt-Out Action against Defendants.  

Please read the Notice to fully understand your rights and options. A copy of the Notice can be found in the Important Documents tab at the top of this page.

On December 17, 2024, the Motion for Class Distribution Order was filed. On January 15, 2025, the Court entered the Class Distribution Order. The initial distribution of the Net Settlement Fund occurred on February 12, 2025. Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available.  

How do I obtain more information?

Detailed information about the Settlement is contained in the Notice, a copy of which can be found in the menu at the top of this page. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free at (877) 595-0137 or emailing Info@FibroGenSecuritiesLitigation.com or mailing a letter to:

In re FibroGen, Inc. Securities Litigation
c/o JND Legal Administration
P.O. Box 91482
Seattle, WA 98111

Inquiries should NOT be directed to the Court or the Clerk of the Court.