NEW ORLEANS, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until February 18, 2022 to file lead plaintiff applications in a securities class action lawsuit against Reata Pharmaceuticals, Inc. RETA, if they purchased the Company's securities, and/or sold put options between November 9, 2020 and December 8, 2021, inclusive (the "Class Period"). This action is pending in the United States District Court for the Eastern District of Texas.
What You May Do
If you purchased securities and/or sold put options of Reata as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgm-reta/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by February 18, 2022.
About the Lawsuit
Reata and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 6, 2021, the U.S. Food and Drug Administration ("FDA") released briefing documents regarding the Company's product, bardoxolone, stating that "the FDA review team d[id] not believe the submitted data demonstrate that bardoxolone is effective in slowing the loss of kidney function in patients with AS and reducing the risk of progression to kidney failure." On this news, shares of Reata fell $29.77, or 38%, to close at $48.92 per share on December 6, 2021, on unusually heavy trading volume.
Then, on December 8, 2021, the FDA's Advisory Committee unanimously decided that bardoxolone was not effective based on the submitted data. On this news, shares of Reata fell $25.31, or 46%, to close at $29.11 per share on December 9, 2021, on unusually heavy trading volume.
The case is Doyle v. Reata Pharmaceuticals, Inc. et al., No. 21-cv-00987.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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