Press release
Lawsuit filed for Investors who lost money with shares of Fate Therapeutics, Inc. (NASDAQ: FATE)
A lawsuit was filed on behalf of investors in Fate Therapeutics, Inc. (NASDAQ: FATE) shares.
Investors who purchased shares of Fate Therapeutics, Inc. (NASDAQ: FATE) have certain options and for certain investors are short and strict deadlines running. Deadline: March 22, 2023. NASDAQ: FATE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
San Diego, CA based Fate Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide.
On April 2, 2020, after Fate Therapeutics, Inc. announced its entry into a global collaboration and option agreement with Janssen Biotech, Inc. ("Janssen"), one of the Janssen Pharmaceutical Companies of Johnson & Johnson, for cell-based cancer immunotherapies, under which Fate Therapeutics, Inc. received a $50 million upfront payment (the "Janssen Collaboration Agreement"). In addition, Fate Therapeutics, Inc. was eligible for up to $3 billion in various milestone payments and double-digit royalties on any net sales from the collaboration.
Fate Therapeutics, Inc. reported that its annual Total Revenue rose from $31.43 million in 2020 to $55.84 million in 2021, and that its Net Loss increased from $173.38 million in 2020 to $212.15 million in 2021.
On January 5, 2023, Fate Therapeutics, Inc. announced that it declined a proposal from Janssen Biotech, for the continuation of the collaboration and option agreement between the parties on revised terms. As a result, all collaboration activities are set to be wound down in Q1 2023. The Company further disclosed that it would prioritize its clinical programs and reduce its operating expenses, through layoffs and the discontinuation of some clinical programs. In the announcement, Fate CEO stated, "We are disappointed that we were not able to align with Janssen on their proposal for continuation of our collaboration, where two product candidates targeting high-value, clinically-validated hematology antigens were set to enter clinical development in 2023."
Shares of Fate Therapeutics, Inc. (NASDAQ: FATE) declined from $11.44 per share on January 5, 2023, to as low as $4.02 per share on January 06, 2023.
The plaintiff claims that between April 2, 2020 and January 5, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that the Janssen Collaboration Agreement was less sustainable than Fate had represented to investors, that accordingly, certain the clinical programs, milestone payments, and royalty payments associated with the Janssen Collaboration Agreement could not be relied upon as future revenue sources, that as a result, Fate had overstated the impact of the Janssen Collaboration Agreement's on Fate's long-term clinical and commercial profitability, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Fate Therapeutics, Inc. (NASDAQ: FATE) have certain options and should contact the Shareholders Foundation.
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 lawsuits, 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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