On January 5, 2023, Fate announced it had terminated the Janssen Collaboration Agreement. In truth, 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 as a result, Fate had overstated the impact of the Janssen Collaboration Agreement on Fate’s long-term clinical and commercial profitability. On the news, Fate's stock price jumped 8.8% in trading on April 3, 2020.ĭuring the class period, defendants failed to disclose that the Janssen Collaboration Agreement was less sustainable than Fate had represented to investors. In addition, Fate was eligible for up to $3 billion in various milestone payments and double-digit royalties on any net sales from the collaboration. (FATE) Misrepresented the Impact of the Janssen Collaboration Agreement on Fate’s Long-Term Clinical and Commercial ProfitabilityĪccording to the complaint, on April 2, 2020, Fate announced its entry into a global collaboration and option agreement with Janssen Biotech, Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson, for cell-based cancer immunotherapies, under which Fate received a $50 million upfront payment ("Janssen Collaboration Agreement"). What is this Case About: Fate Technologies, Inc. For more information, click here.Īll representation is on a contingency fee basis. You do not have to participate in the case to be eligible for a recovery. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Shareholders who want to act as lead plaintiff for the class must file their papers by March 22, 2023. What Now: Similarly situated shareholders may be eligible to participate in the class action against Fate. Fate is a clinical-stage biopharmaceutical company that develops programmed cellular immunotherapies to treat cancer and immune disorders. (NASDAQ: FATE) common stock between Apand January 5, 2023, for violations of the Securities Exchange Act of 1934. SAN DIEGO-( BUSINESS WIRE)- The Class: Robbins LLP informs shareholders that a shareholder filed a class action on behalf of all investors who purchased or otherwise acquired shares Fate Therapeutics, Inc.
0 kommentar(er)
