Welcome to the In Re FibroGen, Inc. Securities Litigation Website
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 proposed Settlement of claims in a pending 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.
Subject to Court approval, 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 request 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.
The issuance of the Notice is not an expression of any opinion by the Court concerning the merits of any claim in the Action, and the Court still has to decide whether to approve the Settlement.
Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the menu at the top of this page.
Payments to eligible claimants will be made only if the Court approves the Settlement and a Plan of Allocation, only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
| YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT: | |
|---|---|
| SUBMIT A CLAIM FORM ONLINE, OR BY MAIL AND POSTMARKED, NO LATER THAN JUNE 12, 2024. |
This is the only way to be potentially eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims that you have against Defendants and the other Defendant Releasees, so it is in your interest to submit a Claim Form. You may submit a Claim Form and still object to any part of the Settlement. You cannot submit a Claim Form and exclude yourself. |
| EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN APRIL 18, 2024. |
If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Defendant Releasees concerning the Released Plaintiffs’ Claims. You cannot object to the proposed Settlement and cannot submit a Claim Form if you exclude yourself. |
| OBJECT TO THE SETTLEMENT BY FILING ELECTRONICALLY OR IN PERSON WITH THE COURT, OR BY MAILING TO THE COURT A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN APRIL 18, 2024. |
If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class. You do not need to submit a Claim Form to object. However, if you object, you must submit a Claim Form, as described above, by June 12, 2024, in order to be eligible to receive a cash payment from the Settlement Fund. The Court can only approve or deny the Settlement and cannot change the terms. |
| GO TO A HEARING ON MAY 16, 2024 AT 1:30 PM, AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN APRIL 18, 2024. |
Filing a written objection and notice of intention to appear by April 18, 2024 allows you at the Settlement Hearing on May 16, 2024 at 1:30PM, to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection. |
| DO NOTHING |
If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action. |
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.
For More Information
Visit this website often to get the most up-to-date information.
c/o JND Legal Administration
P.O. Box 91482
Seattle, WA 98111
© JND Legal Administration. All rights reserved.
