Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In BioMarin To Contact Him Directly To Discuss Their Options
NEW YORK - (NewMediaWire) - November 30, 2021 - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against BioMarin Pharmaceutical Inc. (“BioMarin” or the “Company”) (NASDAQ: BMRN) and reminds investors of the December 22, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $50,000 investing in BioMarin stock or options between January 13, 2020 and September 3, 2021 and would like to discuss your legal rights, Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/BMRN.
There is no cost or obligation to you.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) BMN 307 was less safe than BioMarin had led investors to believe; (2) BMN 307’s safety profile made it likely that the FDA would place a clinical hold on the Phearless Phase 1/2 study; (3) accordingly, the Company had overstated BMN 307’s clinical and commercial prospects; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On September 5, 2021, BioMarin 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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding BioMarin’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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