BOSTON, MA / ACCESSWIRE / December 21, 2021 / Block & Leviton announces that a class action lawsuit has been filed against Reata Pharmaceuticals, Inc. (NASDAQ:RETA) for potential securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/reta.
What is this all about?
On November 9, 2021, Reata announced that its Phase 3 CARDINAL study of bardoxolone in patients with chronic kidney disease caused by Alport syndrome "met its primary and key secondary endpoints at the end of Year 2," and that "[b]ased on these positive results and following a recently completed pre-NDA meeting with the [FDA], we plan to proceed with the submission of an NDA … in the first quarter of 2021."
However, FDA briefing documents released on December 6, 2021 indicate that the FDA in fact "did not agree with the proposed approach" to submit an NDA for bardoxolone under the accelerated approval pathway based primarily on the Year 1 data on eGFR from CARDINAL Phase 3. At the pre-NDA meeting, the FDA had "voic[ed] concerns about the interpretability of the eGFR findings … as well as the amount of missing data in the bardoxolone arm and lack of clarity on how patients with missing data were handled in key analyses …."
The Company's stock plunged nearly 40% on December 6, 2021 after the briefing documents were released.
Then, on Wednesday December 8, 2021, after market close, Reata announced that an FDA Advisory Committee voted "no" with respect to the question of whether the data Reata submitted show that bardoxolone slows the progress of chronic kidney disease and whether its benefits outweigh its risks. Reata stock fell 42.8% in pre-market trading the following day, December 9, 2021.
Who is eligible?
Anyone who purchased Reata Pharmaceuticals, Inc. stock between November 9, 2020 and December 8, 2021 is potentially eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is February 18, 2022. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email [email protected] with any questions.
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SOURCE: Block & Leviton LLP