The Law Offices of Frank R. Cruz reminds investors of the upcoming March 22, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Fate Therapeutics, Inc. (“Fate” or the “Company”) (NASDAQ: FATE) securities between April 2, 2020 and January 5, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On January 5, 2023, after the market closed, Fate announced that it had terminated its collaboration and option agreement for cell-based cancer immunotherapies with Johnson & Johnson’s Janssen, and that all collaboration activities would be wound down in the first quarter of 2023.
On this news, Fate’s stock price fell $6.76, or 61.5%, to close at $4.24 per share on January 6, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Janssen Collaboration Agreement was less sustainable than Fate had represented to investors; (2) accordingly, certain the clinical programs, milestone payments, and royalty payments associated with the Janssen Collaboration Agreement could not be relied upon as future revenue sources; (3) as a result, Fate had overstated the impact of the Janssen Collaboration Agreement’s on Fate’s long-term clinical and commercial profitability; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Fate securities during the Class Period, you may move the Court no later than March 22, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007