Did you lose money on investments in Humanigen? If so, please visit Humanigen, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, NY / ACCESSWIRE / September 28, 2022 / Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Humanigen, Inc. ("Humanigen" or the "Company") (NASDAQ:HGEN) between May 28, 2021 and July 12, 2022, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the District of New Jersey and alleges violations of the Securities Exchange Act of 1934.
Humanigen is a clinical-stage biopharmaceutical company that focuses on preventing and treating an immune hyper-response called "cytokine storm", a physiological reaction in which the immune system causes an uncontrolled and excessive release of pro-inflammatory signaling molecules called cytokines, the sudden release of which in large quantities can cause multisystem organ failure and death. The Company's lead product candidate is its proprietary antibody lenzilumab, which is under development as a treatment for, among other things, cytokine storm associated with COVID-19.
Among other trials, Humanigen is investigating lenzilumab for the treatment of hospitalized COVID-19 patients in the ACTIV-5/BET-B study, which is part of a directed public-private partnership with the National Institutes of Health ("NIH").
In May 2021, Humanigen submitted an application to the U.S. Food and Drug Administration ("FDA") requesting Emergency Use Authorization for lenzilumab for the treatment of patients hospitalized with COVID-19 (the "lenzilumab EUA").
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (i) lenzilumab was less effective in treating hospitalized COVID-19 patients than Defendants had represented; (ii) as a result, the FDA was unlikely to approve the lenzilumab EUA and the ACTIV-5/BET-B study was unlikely to meet its primary endpoint; and (iii) accordingly, lenzilumab's clinical and commercial prospects were overstated.
On September 9, 2021, Humanigen issued a press release announcing that the FDA had rejected the lenzilumab EUA, advising investors that "[i]n its letter, [the] FDA stated that it was unable to conclude that the known and potential benefits of lenzilumab outweigh the known and potential risks of its use as a treatment for COVID-19."
On this news, Humanigen's stock price fell $7.14 per share, or 47.25%, to close at $7.97 per share on September 9, 2021.
Then, on July 13, 2022, Humanigen disclosed that lenzilumab had failed to show statistical significance on the primary endpoint of the ACTIV-5/BETB study.
On this news, Humanigen's stock price fell $2.38 per share, or 79.6%, to close at $0.61 per share on July 13, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than October 25, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Humanigen securities, and/or would like to discuss your legal rights and options please visit Humanigen, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
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SOURCE: Bernstein Liebhard LLP