SAN FRANCISCO, CA / ACCESSWIRE / April 16, 2021 / Hagens Berman updates investors in the following publicly-traded companies and urges investors who have suffered significant losses to contact the firm. Further details about the cases, including important upcoming deadlines, can be found at the links provided.
DOX Investors Click Here.
FGEN Investors Click Here.
Amdocs Limited (NASDAQ:DOX) Securities Fraud Class Action:
Class Period: Dec. 13, 2016 - Mar. 30, 2021
Lead Plaintiff Deadline: June 8, 2021
Visit: www.hbsslaw.com/cases/DOX
Contact an Attorney Now: [email protected]
844-916-0895
The complaint alleges that Defendants misrepresented and omitted material facts, including that: (i) Amdocs overstated its profits, cash, and liquidity, while understating its debt; (ii) Amdocs concealed its large borrowing; (iii) while Amdocs' reported results showed that its North American business was stable, that business was actually deteriorating annually, in part because the Company was losing AT&T as a customer; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
The Complaint alleges that on Mar. 31, 2021, the truth emerged when Jehoshaphat Research published a scathing report entitled, "Where Did Amdocs' Profits And Auditors Go?", concluding that Amdocs is "a massive financial deception" and "the stock is uninvestable."
Based on a review of Amdocs international subsidiaries' filings overseas, Jehoshaphat claims Amdocs has overstated profits by as much as 50%, that its reported profit margins are "wildly" inflated, and approximately 1/3 of Amdocs' stated cash is unavailable for use. Jehoshaphat reported that former employee and direct competitor interviews confirmed its findings that Amdocs "has been losing business for years but has made up for these losses by inflating financials, sometimes to a point beyond recognition by the country managers." Jehoshaphat also raised concerns about the Company subsidiaries' auditor resignations during the last two years.
In response, the price of Amdocs shares fell over 11% on Mar. 31, 2021, wiping out hundreds of millions of dollars of shareholder value.
"We're focused on investors' losses and proving Amdocs cooked its books," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are an Amdocs investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
FibroGen, Inc. (NASDAQ:FGEN) Securities Fraud Action:
Class Period: Nov. 8, 2019 - Apr. 6, 2021
Lead Plaintiff Deadline: June 11, 2021
Visit: www.hbsslaw.com/cases/FGEN
Contact An Attorney Now: [email protected]
844-916-0895
The complaint centers on FibroGen's presentation of false data of roxadustat to make the anemia drug look safer than it is.
Throughout the Class Period, FibroGen touted the prospects of roxadustat. A key selling point for the drug was its purported heart safety as compared to standard of care erythropoietin (EPO) injectable therapies, which cannot be proscribed to a variety of patients at risk of major cardiac events. To support this marketing edge, FibroGen presented data from phase 3 trials purportedly showing roxadustat was safer than EPO, among other at risk populations, in incident dialysis patients.
But after the market closed on Apr. 6, 2021, FibroGen stunningly admitted to altering stratification factors to make roxadustat's hazard ratios indicate lower risk relative to EPO. As a result of the data manipulation, FibroGen CEO Enrique Conterno admitted that the company can no longer say its drug was safer than EPO in incident dialysis patients.
In response to this news, several analysts slashed their FibroGen share price targets and reduced their investment recommendations. On this news, the Company's share price fell over 43%, to close at $19.74 per share on Apr. 7, 2021. Shares continued to fall 5% on Apr. 8, 2021, on heavy volume.
"We're focused on investors' losses and proving FibroGen senior management intentionally manipulated the safety-related data for its anemia drug," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a FibroGen investor 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 Amdocs and/or FibroGen 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 [email protected] and/or [email protected].
About Hagens Berman
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CONTACT:
Reed Kathrein
844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP