NEW YORK, Jan. 24, 2023 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of those who acquired Fate Therapeutics, Inc. (“Fate”) (NASDAQ: FATE) securities during the period from April 2, 2020 through January 5, 2023 (the “Class Period”). Investors have until March 22, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Fate researches and develops therapies to repair and regenerate body tissues with the help of stem cells.
On January 5, 2023, Fate issued a press release announcing that it had terminated the Janssen Collaboration Agreement, a global collaboration and option agreement with Janssen Biotech, Inc. from which Fate was eligible for up to $3 billion in various milestone payments and double-digit royalties on any net sales. On this news, the price of Fate shares declined by $6.76 per share, or approximately 61.45%, from $11.00 per share to close at $4.24 on January 6, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) the Janssen Collaboration Agreement was less sustainable than Fate had represented to investors; and (ii) accordingly, certain clinical programs, milestone payments, and royalty payments associated with the Janssen Collaboration Agreement could not be relied upon as future revenue sources.
If you purchased or otherwise acquired Fate securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
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