NEW YORK, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Moore Kuehn, PLLC, a securities law firm located on Wall Street, is investigating whether certain officers and directors of Humanigen, Inc. (NASDAQ: HGEN) breached their fiduciary duties to shareholders.
According to a federal securities lawsuit, Humanigen insiders caused the company to make false and/or misleading statements and/or failed to disclose that: (i) lenzilumab was less effective in treating hospitalized COVID-19 patients than represented; (ii) as a result, the FDA was unlikely to approve the lenzilumab EUA and the ACTIV-5/BET-B study was unlikely to meet its primary endpoint; (iii) accordingly, lenzilumab’s clinical and commercial prospects were overstated; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On September 9, 2021, Humanigen issued a press release announcing that the FDA had rejected the lenzilumab EUA, advising investors that, “[i]n its letter, [the] FDA stated that it was unable to conclude that the known and potential benefits of lenzilumab outweigh the known and potential risks of its use as a treatment for COVID-19.” On this news, Humanigen’s stock price fell $7.14 per share, or 47.25%, to close at $7.97 per share on September 9, 2021.
Then, on July 13, 2022, Humanigen disclosed that lenzilumab had failed to show statistical significance on the primary endpoint of the ACTIV-5/BET- B study. On this news, Humanigen’s stock price fell $2.38 per share, or 79.6%, to close at $0.61 per share on July 13, 2022.
If you own HGEN please contact Justin Kuehn, Esq. by email at jkuehn@moorekuehn.com or telephone at (212) 709-8245. There is no cost to you. Moore Kuehn is a New York-based law firm with attorneys representing investors and consumers. Please visit http://www.moorekuehn.com/practice/new-york-shareholder-derivative-litigation/
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Moore Kuehn, PLLC
Justin Kuehn, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
jkuehn@moorekuehn.com
(212) 709-8245
