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Aurinia Pharmaceuticals Inc.


The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Aurinia Pharmaceuticals Inc. (“Aurinia” or the “Company”) (NASDAQ: AUPH) securities from May 7, 2021 through February 25, 2022, both dates inclusive (the “Class Period”). Investors have until June 14, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
 
Aurinia is a biopharmaceutical company that develops and commercializes therapies to treat various diseases with unmet medical need in Japan and the People’s Republic of China (“China”). The Company’s only product is LUPKYNIS, which it offers for the treatment of adult patients with active lupus nephritis.
 
On February 28, 2022, Aurinia issued a press release announcing its financial results for the quarter and full year ended December 31, 2021. Among other items, Aurinia reported a year-over-year revenue decline and announced a lower-than-expected sales outlook for 2022. On this news, Aurinia’s common share price declined by $3.94 per share, or approximately 24.26%, from $16.24 per share on February 25, 2022 to close at $12.30 per share on February 28, 2022.
 
The lawsuit alleges throughout the Class Period, the Registration Statement was materially false and misleading and omitted to state that: (i) Aurinia was experiencing declining revenues; (ii) Aurinia’s 2022 sales outlook for LUPKYNIS would fall well short of expectations; (iii) accordingly, the Company had significantly overstated LUPKYNIS’s commercial prospects; (iv) as a result, the Company had overstated its financial position and/or prospects for 2022; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
 

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