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Business Wire 25-Jan-2023 10:10 AM
The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Fate Therapeutics, Inc. (NASDAQ:FATE) securities between April 2, 2020 and January 5, 2023, inclusive (the "Class Period") have until March 22, 2023 to seek appointment as lead plaintiff in the Fate Therapeutics class action lawsuit. Captioned Hadian v. Fate Therapeutics, Inc., No. 23-cv-00111 (S.D. Cal.), the Fate Therapeutics class action lawsuit charges Fate Therapeutics and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Fate Therapeutics class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Fate Therapeutics is a clinical-stage biopharmaceutical company that develops programmed cellular immunotherapies to treat cancer and immune disorders. On April 2, 2020, Fate Therapeutics announced a collaboration agreement with Janssen Biotech, Inc. (the "Janssen Collaboration Agreement"), under which Fate Therapeutics received a $50 million payment and was eligible for future payments that totaled in the billions of dollars.
The Fate Therapeutics class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Janssen Collaboration Agreement was less sustainable than Fate Therapeutics had represented to investors; (ii) accordingly, certain of the clinical programs, milestone payments, and royalty payments associated with the Janssen Collaboration Agreement could not be relied upon as future revenue sources; and (iii) as a result, Fate Therapeutics had overstated the impact of the Janssen Collaboration Agreement on its long-term clinical and commercial profitability.
On January 5, 2023, Fate Therapeutics announced that it had terminated the Janssen Collaboration Agreement. Specifically, Fate Therapeutics disclosed that it was "not able to align with Janssen on their proposal for continuation of our collaboration, where two product candidates targeting high-value, clinically-validated hematology antigens were set to enter clinical development in 2023." As a result of the termination, Fate Therapeutics revealed that all licenses and other rights granted pursuant to the Janssen Collaboration Agreement would terminate, that it would reduce its headcount in 2023, and that it would discontinue several of its natural cell killer programs in various cancers. On this news, Fate Therapeutics' stock price declined more than 61%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Fate Therapeutics securities during the Class Period to seek appointment as lead plaintiff in the Fate Therapeutics class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Fate Therapeutics class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Fate Therapeutics class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Fate Therapeutics class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs' firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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