Reata 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 Texas on behalf of those who acquired Reata Pharmaceuticals, Inc. (“Reata” or the “Company”) (NASDAQ: RETA) securities during the period from October 15, 2019 through August 7, 2020 (the “Class Period”). Investors have until December 14, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the MOXIe Part 2 study results were insufficient to support a single study marketing approval of omaveloxolone for the treatment of FA in the U.S. without additional evidence; (ii) as a result, it was foreseeable that the FDA would not accept marketing approval of omaveloxolone for the treatment of FA in the U.S. based on the MOXIe Part 2 study results; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times. On August 10, 2020, during pre-market hours, Reata issued a press release announcing its second quarter 2020 financial results, wherein it disclosed that the FDA "is not convinced that the MOXIe Part 2 results" of the Company's study assessing omaveloxolone for the treatment of FA "will support a single study approval without additional evidence that lends persuasiveness to the results," and that, "[i]n preliminary comments for [a] meeting, the FDA stated that [Defendants] will need to conduct a second pivotal trial that confirms the mFARS [modified Friedreich's Ataxia Rating Scale] results of the MOXIe Part 2 study with a similar magnitude of effect." On this news, Reata's stock price fell $51.79 per share, or 33.16%, to close at $104.41 per share on August 10, 2020.
If you acquired Reata securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.