Full Press Release Details
SAN FRANCISCO, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Fate Therapeutics, Inc. (NASDAQ: FATE) investors who suffered significant losses to submit your losses now.
Contact An Attorney Now: FATE@hbsslaw.com
Fate Therapeutics, Inc. (FATE) Investigation:
The investigation focuses on Fate’s widely touted collaboration agreement with Janssen Biotech, pursuant to which Janssen and Fate agreed to collaborate to develop iPSC-derived CAR-NK and CAR T-cell product candidates for the treatment of cancer.
As recently as Aug. 2022, Fate assured investors with respect to its Janssen agreement that “[w]e continue to show strong momentum in bringing multiplexed-engineered iPSC-derived CAR NK and CAR T cell collaboration to patients for the treatment of hematologic malignancies and solid tumors.”
Fate’s assurances came into question after the market closed on Jan. 5, 2023, when it announced that on Jan. 3, 2023 the company received a notice of termination of the collaboration agreement from Janssen after Fate declined Janssen’s proposal to continue the agreement on revised terms.
The company also said that all collaboration activities with Janssen will be wound down during Q1 2023 and that it is slashing its workforce from 545 (as of Sept. 30, 2022) to about 220 in Q1 2023.
This news resulted in a wave of analyst downgrades and drove the price of Fate Therapeutics shares down over 60% on Jan. 6, 2022, wiping out more than $600 million of shareholder value in a single day.
“We’re focused on investors’ losses and whether Fate may have misled investors about the strength of- and prospects for- its work with Janssen,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Fate Therapeutics and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Fate Therapeutics should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email FATE@hbsslaw.com.
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
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FATE securities fraud