ACCESSWIRE
26 Jan 2023, 11:19 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / January 25, 2023 / Hagens Berman urges Fate Therapeutics, Inc. (NASDAQ:FATE) investors who suffered significant losses to submit your losses now.
Class Period: Apr. 2, 2020 - Jan. 5, 2023
Lead Plaintiff Deadline: Mar. 22, 2023
Visit: https://www.hbsslaw.com/investor-fraud/FATE
Contact An Attorney Now: FATE@hbsslaw.com
844-916-0895
Fate Therapeutics, Inc. (FATE) Securities Fraud Class Action:
The litigation focuses on Fate's widely touted April 2020 collaboration agreement with Janssen Biotech, pursuant to which Janssen and Fate agreed to collaborate to develop iPSC-derived CAR-NK and CAR T-cell product candidates for the treatment of cancer. Under this agreement, Fate received a $50 million up front payment and was eligible to receive up to $3 billion in various milestone payments and royalties.
According to the complaint, Defendants made materially misleading statements and failed to disclose that: (1) the Janssen agreement was less sustainable than Fate represented to investors; (2) accordingly, certain clinical programs, milestone payments, and royalty payments associated with the agreement could not be relied upon as future revenue sources; and (3) as a result, Fate overstated the impact of the Janssen agreement on Fate's long-term clinical and commercial profitability.
The truth emerged on Jan. 5, 2023, when Fate announced that it terminated the Janssen collaboration agreement after Fate declined Janssen's proposal to continue the agreement on revised terms. The company also said that all collaboration activities with Janssen will be wound down during Q1 2023 and that it is slashing its workforce from 545 (as of Sept. 30, 2022) to about 220 in Q1 2023.
This news resulted in a wave of analyst downgrades and drove the price of Fate Therapeutics shares down over 60% in a single day.
'We're focused on investors' losses and proving Fate misled investors about the strength of- and prospects for- its work with Janssen,' said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Fate Therapeutics and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Fate Therapeutics should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email FATE@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
Get a daily dose of Nashville Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Nashville Herald.
More InformationYANGON, Myanmar - A regime court sentenced to death five people detained for their alleged involvement in a deadly August ...
HARTFORD, Connecticut: Following a state Senate debate and vote to approve Connecticut's most comprehensive gun legislation since the laws put ...
SPENCER, Massachusetts: Spencer, Massachusetts Fire Chief Robert Parsons has said that a June 2 fire that burned down a 160-year-old ...
MOSCOW, Russia: Journalists from countries that are "unfriendly" to Russia will be banned from covering this year's St. Petersburg International ...
SAN FRANCISCO, California: Landowners in California participated this week in a class organized by the El Dorado Amador Prescribed Burn ...
RAMALLAH, Wet Bank - A two-and-a-half-year-old Palestinian boy shot in the head by Israeli troops has died in hospitalThe boy, ...
TRAVERSE CITY, Michigan: DuPont, Chemours and Corteva have reached an agreement to pay $1.18 billion to resolve complaints of causing ...
NEW YORK, New York - U.S. stocks were directionless Tuesday as investors had little to digest ahead of next week's ...
MENLO PARK, California: Facebook parent Meta has said that under a trial that could last through the end of June, ...
WASHINGTON D.C.: The Biden administration is expected to approve a deal allowing General Electric to assemble jet engines in India ...
TAIPEI, Taiwan: Taiwan and the United States are set to sign the first deal under a new trade framework, marking ...
NEW YORK, New York - U.S. stocks started the week under pressure on Monday. "Markets are catching their breath after ...