NEW ORLEANS, Jan. 14, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until February 18, 2022 to file lead plaintiff applications in a securities class action lawsuit against Reata Pharmaceuticals, Inc. (NasdaqGM: RETA), if they purchased the Company’s securities, and/or sold put options between November 9, 2020 and December 8, 2021, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of Texas.
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Reata investors should visit us at https://claimsfiler.com/cases/nasdaq-reta-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Reata and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 6, 2021, the U.S. Food and Drug Administration (“FDA”) released briefing documents regarding the Company’s product, bardoxolone, stating that “the FDA review team d[id] not believe the submitted data demonstrate that bardoxolone is effective in slowing the loss of kidney function in patients with AS and reducing the risk of progression to kidney failure.” On this news, shares of Reata fell $29.77, or 38%, to close at $48.92 per share on December 6, 2021, on unusually heavy trading volume.
Then, on December 8, 2021, the FDA’s Advisory Committee unanimously decided that bardoxolone was not effective based on the submitted data. On this news, shares of Reata fell $25.31, or 46%, to close at $29.11 per share on December 9, 2021, on unusually heavy trading volume.
The case is Doyle v. Reata Pharmaceuticals, Inc. et al., No. 21-cv-00987.
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