NEW YORK, Dec. 31, 2021 /PRNewswire/ — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of Texas on behalf of all persons and entities that purchased or otherwise acquired Reata Pharmaceutical, Inc. (NASDAQ: RETA) securities, and/or sold Reata put options, between November 9, 2020 and December 8, 2021 (the “Class Period”)
All investors who purchased the shares of Reata Pharmaceutical, Inc. and incurred losses are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in Reata Pharmaceutical, Inc. you may, no later than February 22, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Reata Pharmaceutical, Inc.
According to the filed complaint, on March 1, 2021, Reata announced it had submitted its New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for bardoxolone as a treatment of chronic kidney disease caused by Alport syndrome (AS). During the class period, defendants failed to disclose to investors that the FDA had raised concerns regarding the viability of the clinical study designed to measure the efficacy and safety of the drug, and that as a result, there was a material risk that the FDA would not approve the NDA.
On December 6, 2021, the FDA released briefing documents in advance of an Advisory Committee meeting for the Company's NDA for bardoxolone, stating that throughout the clinical development, the agency had repeatedly questioned the validity of Reata's study design because bardoxolone's pharmacodynamics effect on kidney function would make the results difficult to assess the effectiveness of the drug. Though the FDA agreed that Reata's Phase 3 study met its endpoints, “the FDA review team d[id] not believe the submitted data demonstrate that bardoxolone is effective in slowing the loss of kidney function in patients with AS and reducing the risk of progression of kidney failure.”
On this news, the Company's stock price fell almost $30.00, or 38%, to close at $48.92 per share on December 6, 2021.
Then, on December 8, 2021, the FDA's Advisory Committee unanimously decided that bardoxolone was not effective based on the submitted data. On this news, the Company's stock price fell $25.31, or 46%, to close at $29.11 per share on December 9, 2021.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: email@example.com, firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View original content to download multimedia:https://www.prnewswire.com/news-releases/reata-pharmaceutical-inc-class-action-alert-wolf-haldenstein-adler-freeman–herz-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against–reata-pharmaceutical-inc-in-the-united-states-district-court-for-t-301451990.html
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP