Reata Pharmaceuticals, Inc.

  • Active

Investigation
12/20/2020

Initial Lawsuit
12/20/2021

Lawsuit Progression
04/22/2022

Investigation

  • Continous Holding
    November 9, 2020 to December 8, 2021
  • Proposed Claim
    Securities Violation

Investigation following the FDA’s Advisor Committee’s negative vote on the question of whether Reata’s provided evidence demonstrated that bardoxolone is effective in slowing the progression of CKD in patients with Alport syndrome and that its benefits outweigh its risks.

Main Event

Advisory Committee Meeting

12/08/2021

U.S. Agency

The U.S. Food and Drug Administration (FDA) Cardiovascular and Renal Drugs Advisory Committee meeting on bardoxolone methyl for the treatment of patients with chronic kidney disease (CKD) caused by Alport syndrome takes place. The committee votes no on the question of whether the provided evidence demonstrated that bardoxolone is effective in slowing the progression of CKD in patients with Alport syndrome and that its benefits outweigh its risks.

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$29.11 $54.42 $-25.31 -46.51%
See more on Factual Timeline

Initial Lawsuit

Plaintiff brings this securities class action on behalf of persons and entities that purchased or otherwise acquired Reata securities, and/or sold Reata put options, between November 9, 2020 and December 8, 2021, inclusive.

  • Filing Date
    12/20/2021
  • Class Period
    11/09/2020 to 12/08/2021
  • Transgression
    Securities Violation
  • Filing Firms
    Glancy Prongay & Murray LLP
    Law Offices of Howard G. Smith
    Steckler Wayne Cochran Cherry PLLC
  • Case Title
    Doyle v. REATA PHARMACEUTICALS, INC. et al
  • Docket Number
    4:21-cv-00987
  • Court
    Texas Eastern District Court
  • Free File
    Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:

(1) that the FDA had raised concerns regarding the validity of the clinical study designed to measure the efficacy and safety of bardoxolone for the treatment of chronic kidney disease caused by Alport syndrome;
(2) that, as a result, there was a material risk that Reata’s NDA would not be approved; and
(3) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Defendants

  • Company
    Reata Pharmaceuticals, Inc.
  • Chief Executive Officer
    J. Warren Huff
  • Chief Financial Officer
    Manmeet S. Soni

Lawsuit progression

  • Docket Number
    4:21-cv-00987
  • Court
    Texas Eastern District Court

Lead Counsel

04/22/2022

The court issued an order appointing the lead plaintiff and lead counsel.

  • Lead Counsel
    Kirby McInerney LLP
  • Lead Plaintiff
    Group of Funds
  • Free File
    Order for lead
[stockdio-historical-chart symbol=”RETA” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

Factual Timeline

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