NEW YORK, Oct. 25, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of BioMarin Pharmaceutical Inc. ("BioMarin" or the "Company") (NASDAQ: BMRN) from January 13, 2020 through September 3, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Act of 1934.
If you purchased BioMarin securities, and/or would like to discuss your legal rights and options please visit Biomarin Pharmaceutical Inc Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or firstname.lastname@example.org
On November 7, 2018, BioMarin shared pre-clinical data of their BMN 307, an AAV5 mediated gene therapy, which demonstrated lifetime blood phenylalanine ("Phe") corrections in mouse models, and announced that the Company was planning to file an investigational new drug application ("IND") for BMN 307 with the United States Food and Drug Administration ("FDA") in the second half of 2019. On January 13, 2020, the Company announced that the FDA granted IND status for BMN 307 for the treatment of phenylketonuria ("PKU"). On September 24, 2020, the Company announced that it had dosed the first human participant in the global Phearless Phase 1/2 study of BMN 307.
According to the complaint, the Defendant was materially false and misleading and omitted to state: (i) BMN 307 was less safe than BioMarin had led investors to believe; (ii) BMN 307's safety profile made it likely that the FDA would place a clinical hold on the Phearless Phase 1/2 study; (iii) accordingly, the Company had overstated BMN 307's clinical and commercial prospects; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
On September 5, 2021, the Defendant issued a press release announcing, "that the [FDA] placed a clinical hold on the BMN 307 Phearless Phase 1/2 study", which "is evaluating BMN 307, an investigational AAV5-phenylalanine hydroxylase (PAH) gene therapy, in adults with [PKU]." BioMarin advised investors that "[t]he FDA's clinical hold was based on interim safety findings from a pre-clinical, non-GLP pharmacology study."
On this news, BioMarin's stock price fell $7.14 per share, or 8.4%, to close at $77.81 per share on September 7, 2021, the next trading day, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than December 21, 2021. 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 BioMarin securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/biomarinpharmaceuticalinc-bmrn-shareholder-class-action-lawsuit-fraud-stock-448/ or contact Rujul Patel toll free at (877) 779-1414 or email@example.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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