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Investigation announced for Investors in shares of CymaBay Therapeutics, Inc. (NASDAQ: CBAY)

03-10-2020 03:07 PM CET | Politics, Law & Society

Press release from: Shareholders Foundation

An investigation for investors in CymaBay Therapeutics, Inc. (NASDAQ: CBAY) shares over potential securities laws violations.

An investigation for investors in CymaBay Therapeutics, Inc. (NASDAQ: CBAY) shares over potential securities laws violations.

An investigation was announced concerning possible securities laws violations by CymaBay Therapeutics, Inc. in connection with certain financial statements.

Investors who purchased shares of CymaBay Therapeutics, Inc. (NASDAQ: CBAY), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by CymaBay Therapeutics, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Newark, CA based CymaBay Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing and providing therapies to treat liver and other chronic diseases.

On June 11, 2019, CymaBay Therapeutics, Inc. announced results from an ongoing 52-week Phase 2b dose-ranging, paired liver biopsy study. The results showed reductions in liver fat were minimal and not significant compared to placebo. Nonetheless, CymaBay's Chief Medical Officer, Dr. Pol Boudes, downplayed these results, stating "[w]hile the reductions in liver fat were minimal, we remain encouraged by the significant improvements in biochemical markers of liver injury that we observed at week 12."

On September 17, 2019, CymaBay Therapeutics, Inc. announced the Company and Dr. Boudes "mutually agreed" he would cease to be an officer and employee of the Company.

Then, on November 25, 2019, CymaBay Therapeutics, Inc. announced it was halting the development of Seladelpar "based on initial histological findings observed in the Phase 2b study of seladelpar in NASH."

On December 19, 2019, CymaBay Therapeutics, Inc. announced it would terminate 60% of its employees as it explores strategic alternatives, sending the price of its shares sharply lower again. A month later, nearly half of the Company's Board abruptly resigned.

On January 29, 2020, CymbaBay's President and CEO, Sujal Shah, published a letter to shareholders stating that the Company had been "working to assess all potential ways to maximize value for our shareholders, including liquidation, sale, merger, asset acquisitions, and/or continuing development of our internal programs."

Shares of CymaBay Therapeutics, Inc. (NASDAQ: CBAY) declined from $15.30 per share in March 2018 to as low as $1.48 per share on February 12, 2020.

Those who purchased shares of CymaBay Therapeutics, Inc. (NASDAQ: CBAY) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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