New York, New York – (Newsfile Corp. – November 3, 2021) – Bernstein Liebhard, a nationally recognized investor rights law firm, reminds investors of the deadline to file a principal plaintiff claim no later than December 21, 2021 in a securities class action lawsuit that was filed on behalf of investors who purchased or acquired the securities of BioMarin Pharmaceutical Inc. (“BioMarin” or the “Company”) (NASDAQ: BMRN) from From January 13, 2020 to September 3, 2021 (the “Recourse Period”). The lawsuit in the United States District Court for the Northern District of California alleges violations of the Securities Act of 1934.
If you purchased BioMarin shares, and / or would like to discuss your legal rights and options please visit Class action lawsuit by the shareholders of Biomarin Pharmaceutical Inc or contact Joe seidman free of charge at (877) 779-1414 or firstname.lastname@example.org.
On November 7, 2018, BioMarin shared preclinical data from their BMN 307, an AAV5-mediated gene therapy, which demonstrated lifelong corrections of blood phenylalanine (“Phe”) in mouse models, and announced that the Company planned to file a new Experimental Drug Request (“IND”) for BMN 307 with the United States Food and Drug Administration (“FDA”) during the second half of 2019. On January 13, 2020, the Company a announced that the FDA has granted IND status to BMN 307 for the treatment of phenylketonuria (“PKU”). On September 24, 2020, the Company announced that it had administered 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 failed to state: (i) the BMN 307 was less secure than BioMarin had led investors to believe; (ii) the safety profile of BMN 307 made it likely that the FDA would clinically suspend the phase 1/2 Phearless study; (iii) as a result, the Company overestimated the clinical and commercial prospects of BMN 307; and (iv) accordingly, the Company’s public statements were materially false and misleading at all material times.
On September 5, 2021, the defendant issued a press release announcing, “that the [FDA] suspended the BMN 307 Phearless Phase 1/2 “study,” which “evaluates BMN 307, an investigational AAV5-phenylalanine hydroxylase (PAH) gene therapy, in adults with [PKU]. “BioMarin advised investors that”[t]The FDA clinical suspension was based on interim safety results from a non-GLP-compliant preclinical pharmacology study. “
On this news, BioMarin’s share price fell $ 7.14 per share, or 8.4%, to close at $ 77.81 per share on September 7, 2021, the following trading day, on a unusually high volume of transactions.
If you wish to act as the principal applicant, you must apply to the Court at the latest December 21, 2021. A principal plaintiff is a representative party acting on behalf of the other members of the class to direct the litigation. Your ability to participate in any recovery does not require you to serve as the principal applicant. If you choose not to take any action, you can remain an absent member of the group.
If you you have purchased BioMarin securities and / or wish 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 Joe seidman free of charge at (877) 779-1414 or email@example.com.
Since 1993, Bernstein Liebhard LLP has collected 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 take legal action on their behalf. Due to its success in litigating hundreds of lawsuits and class actions, the firm has been named thirteen times on the National Law Journal’s Plaintiff List and listed in The Legal 500 for ten consecutive years.
LAWYER ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this announcement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this advertisement in the state of Connecticut is Michael S. Bigin. Past results do not guarantee or predict a similar result with respect to any future matter.
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