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Fate Therapeutics, 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 Southern District of California on behalf of those who acquired Fate Therapeutics, Inc. (“Fate”) (NASDAQ: FATE) securities during the period from April 2, 2020 through January 5, 2023 (the “Class Period”). Investors have until March 22, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Fate researches and develops therapies to repair and regenerate body tissues with the help of stem cells.
On January 5, 2023, Fate issued a press release announcing that it had terminated the Janssen Collaboration Agreement. On this news, the price of Fate shares declined by $6.76 per share, or approximately 61.45%, from $11.00 per share to close at $4.24 on January 6, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) the Janssen Collaboration Agreement was less sustainable than Fate had represented to investors; (ii) accordingly, certain clinical programs, milestone payments, and royalty payments associated with the Janssen Collaboration Agreement could not be relied upon as future revenue sources; and (iii) as a result, Fate had overstated the impact of the Janssen Collaboration Agreement’s on Fate’s long-term clinical and commercial

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