This case was last updated from PACER on 06/11/2021 at 10:06:00 (UTC).

Xu v. FibroGen, Inc. et al

Case Summary

On April 12, 2021, Peifa Xu, Individually and on Behalf of All Others Similarly Situated (“Plaintiff”), represented by Jeffrey John Miles, Nicole Catherine Lavallee of Berman Tabacco filed a civil class action against Fibrogen, Inc., Enrique Conterno (“Contero”), James Schoeneck (“Schoeneck”) and K. Peony Yu (“Yu”), Defendants Contero, Schoeneck and Yu are collectively referred to herein as the “Individual Defendants.” and (collectively, “Defendants”), seeking compensatory damages along with injunctive relief for allegedly putting out materially false and misleading statements about a new trial drug by the Defendants. This case was filed in the U.S. District Court for the Northern District of California with Judges Jacqueline Scott Corley and Edward M. Chen presiding. 

 

The Plaintiff brings this action as a class action pursuant to Rules 23(a) and (b)(3) of the Federal Rules of Civil Procedure on behalf of all persons and entities that purchased or otherwise acquired FibroGen securities and/or sold put options in FibroGen from November 8, 2019, through and including April 6, 2021.

 

In its complaint, the Plaintiff alleged that “The above statements identified in ¶¶ 25-28 were materially false and/or misleading, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (i) that the Company’s prior disclosures of U.S. primary cardiovascular safety analyses from the roxadustat Phase 3 program for the treatment of anemia certain safety analyses submitted in connection with CKD included post-hoc changes to the stratification factors; (ii) that FibroGen’s analyses with the pre-specified stratification factors result in higher hazard ratios (point estimates of relative risk) and 95% confidence intervals; (iii) that, based on these analyses the Company could not conclude that roxadustat reduces the risk of (or is superior to) MACE+ in dialysis, and MACE and MACE+ in incident dialysis compared to epoetin-alfa; (iv) that, as a result, the Company faced significant uncertainty that its NDA for roxadustat as a treatment for anemia of CKD would be approved by the FDA; and (v) that, as a result of the foregoing, Defendants’ statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.”

 

The Plaintiff further alleged that “The Individual Defendants knew and/or recklessly disregarded the falsity and misleading nature of the information that they caused to be disseminated to the investing public. The ongoing fraudulent scheme described herein could not have been perpetrated over a substantial period of time without the knowledge and complicity of the personnel at the highest level of the Company, including the Individual Defendants.”

 

The Plaintiff has laid down two claims for relief. The first claim is for alleged violations of Section 10(b) of the Exchange Act and Rule 10b-5 Promulgated Thereunder (Against All Defendants). The second claim is for alleged violations of Section 20(a) of the Exchange Act (Against the Individual Defendants).

 

In its prayer for relief, the Plaintiff has requested the Court to certify this action as a class action and award compensatory damages in favor of Plaintiff and the other members of the Class against all Defendants, jointly and severally, for the damages sustained as a result of the wrongdoings of Defendants, together with interest thereon, and grant extraordinary equitable and/or injunctive relief as permitted by law along with costs of litigation. 

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    3:21-CV-02623

  • Filing Date:

    04/12/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judges

Jacqueline Scott Corley

Edward M. Chen

 

Party Details

Plaintiff

Peifa Xu

Defendants

K. Peony Yu

Enrique Conterno

James Schoeneck

Fibrogen, Inc.

Attorney/Law Firm Details

Plaintiff Attorneys

Nicole Catherine Lavallee

Attorney at Berman Tabacco

44 Montgomery Street, Suite 650

San Francisco, CA 94104

Jeffrey John Miles

Attorney at Berman Tabacco

44 Montgomery Street, Suite 650

San Francisco, CA 94104

Defendant Attorneys

Tijana Martinovic Brien

Attorney at Cooley LLP

3175 Hanover Street

Palo Alto, CA 94304

Jessica Valenzuela Santamaria

Attorney at Cooley LLP

3175 Hanover Street

Palo Alto, CA 94304

John C. Dwyer

Attorney at Cooley LLP

3175 Hanover Street

Palo Alto, CA 94304

 

Court Documents

#1

#17

#16

#15

#14

#13

#12

#11

#10

9 #1

Notice of Eligibility for Video Recording

#9

#8

#7

#5

#4

#3

#2

8 More Documents Available
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Docket Entries

  • 05/11/2021
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  • Docket(#17) ORDER RELATING CASE. Case, 5:21-cv-03370-BLF Leonard v. Conterno et al, related. Signed by Judge Edward M. Chen on 5/11/2021. (afmS, COURT STAFF) (Filed on 5/11/2021) (Entered: 05/11/2021)

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  • 05/10/2021
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  • Docket(#16) ORDER SUA SPONTE REFERRING CASE FOR JUDICIAL DETERMINATION OF RELATED CASE STATUS. Signed by Judge Beth Labson Freeman on 5/10/2021. (blflc1S, COURT STAFF) (Filed on 5/10/2021) (Entered: 05/10/2021)

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  • 05/05/2021
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  • Docket(#15) NOTICE of Appearance by Tijana Martinovic Brien (Brien, Tijana) (Filed on 5/5/2021) (Entered: 05/05/2021)

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  • 05/05/2021
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  • Docket(#14) STIPULATION RE RESPONSE DEADLINE re #1 Complaint filed by FibroGen, Inc.. (Santamaria, Jessica) (Filed on 5/5/2021) (Entered: 05/05/2021)

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  • 05/05/2021
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  • Docket(#13) NOTICE of Appearance by Jessica Valenzuela Santamaria (Santamaria, Jessica) (Filed on 5/5/2021) (Entered: 05/05/2021)

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  • 05/05/2021
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  • Docket(#12) NOTICE of Appearance by John C. Dwyer (Dwyer, John) (Filed on 5/5/2021) (Entered: 05/05/2021)

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  • 04/16/2021
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  • Docket(#11) CASE MANAGEMENT CONFERENCE ORDER IN REASSIGNED CASE: Initial Case Management Conference set for 7/15/2021 09:30 AM in San Francisco, - Videoconference Only. Case Management Statement due by 7/8/2021. Signed by Judge Edward M. Chen on 04/16/2021. (tmiS, COURT STAFF) (Filed on 4/16/2021) (Entered: 04/16/2021)

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  • 04/16/2021
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  • Docket(#10) SUMMONS Returned Executed by Peifa Xu. FibroGen, Inc. served on 4/16/2021, answer due 5/7/2021. (Lavallee, Nicole) (Filed on 4/16/2021) (Entered: 04/16/2021)

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  • 04/14/2021
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  • Docket(#9) ORDER REASSIGNING CASE. Case reassigned using a proportionate, random, and blind system pursuant to General Order No. 44 to Judge Edward M. Chen for all further proceedings. Notice: The assigned judge participates in the Cameras in the Courtroom Pilot Project. See General Order No. 65 and http://cand.uscourts.gov/cameras. Magistrate Judge Jacqueline Scott Corley no longer assigned to case. Reassignment Order signed by Clerk on 4/14/2021. (Attachments: #1 Notice of Eligibility for Video Recording)(bwS, COURT STAFF) (Filed on 4/14/2021) (Entered: 04/14/2021)

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  • 04/13/2021
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  • Docket(#8) Initial Case Management Scheduling Order with ADR Deadlines: Joint Case Management Statement due by 7/8/2021. Initial Case Management Conference set for 7/15/2021 at 1:30 PM in San Francisco, Courtroom E, 15th Floor. (tnS, COURT STAFF) (Filed on 4/13/2021) (Entered: 04/13/2021)

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  • 04/13/2021
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  • Docket(#7) Summons Issued as to Defendants Enrique Conterno, FibroGen, Inc., James Schoeneck, K. Peony Yu. (tnS, COURT STAFF) (Filed on 4/13/2021) (Entered: 04/13/2021)

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  • 04/12/2021
  • Docket(#6) Case assigned to Magistrate Judge Jacqueline Scott Corley. Counsel for plaintiff or the removing party is responsible for serving the Complaint or Notice of Removal, Summons and the assigned judge's standing orders and all other new case documents upon the opposing parties. For information, visit E-Filing A New Civil Case at http://cand.uscourts.gov/ecf/caseopening.Standing orders can be downloaded from the court's web page at www.cand.uscourts.gov/judges. Upon receipt, the summons will be issued and returned electronically. Counsel is required to send chambers a copy of the initiating documents pursuant to L.R. 5-1(e)(7). A scheduling order will be sent by Notice of Electronic Filing (NEF) within two business days. Consent/Declination due by 4/26/2021. (cv, COURT STAFF) (Filed on 4/12/2021) (Entered: 04/12/2021)

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  • 04/12/2021
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  • Docket(#5) CERTIFICATION OF COUNSEL JEFFREY J. MILES PURSUANT TO CIVIL LOCAL RULE 3-7(D) on behalf of Peifa Xu (Miles, Jeffrey) (Filed on 4/12/2021) (Entered: 04/12/2021)

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  • 04/12/2021
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  • Docket(#4) CERTIFICATION OF COUNSEL NICOLE LAVALLEE PURSUANT TO CIVIL LOCAL RULE 3-7(D) on behalf of Peifa Xu (Lavallee, Nicole) (Filed on 4/12/2021) (Entered: 04/12/2021)

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  • 04/12/2021
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  • Docket(#3) CERTIFICATION OF INTERESTED ENTITIES OR PERSONS PURSUANT TO CIVIL LOCAL RULE 3-15 filed by Peifa Xu (Lavallee, Nicole) (Filed on 4/12/2021) (Entered: 04/12/2021)

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  • 04/12/2021
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  • Docket(#2) Proposed Summons. (Lavallee, Nicole) (Filed on 4/12/2021) (Entered: 04/12/2021)

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  • 04/12/2021
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  • Docket(#1) CLASS ACTION COMPLAINT FOR VIOLATIONS OF THE FEDERAL SECURITIES LAWS; JURY TRIAL DEMANDED against All Defendants, (Filing Fee: $402.00, receipt number 0971-15824734). Filed by Peifa Xu. (Attachments: #1 Civil Cover Sheet)(Lavallee, Nicole) (Filed on 4/12/2021) Modified on 4/13/2021 (tnS, COURT STAFF). (Entered: 04/12/2021)

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