PHILADELPHIA, Oct. 16, 2020 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Reata Pharmaceuticals, Inc. (“Reata” or the “Company”) (NASDAQ: RETA) to determine whether the Company engaged in securities fraud or other unlawful business practices.
Reata investors who purchased, or otherwise acquired, the Company’s securities between October 15, 2019 and August 7, 2020, both dates inclusive (the “Class Period”), and suffered losses greater than $100,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, myarnoff@kehoelawfirm.com, securities@kehoelawfirm.com, to discuss the securities investigation or potential legal claims.
A class action lawsuit was filed against Reata and certain of its officers in United States District Court, Eastern District of Texas, seeking to recover damages by the Reata Defendants’ alleged violations of federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
According to the class action complaint, “Reata is a clinical stage biopharmaceutical company that develops novel therapeutics for patients with serious or life-threatening diseases by targeting molecular pathways that regulate cellular metabolism and inflammation.”
Omaveloxolone, according to the complaint, is “[a]mong Reata’s drug candidates under development . . . which is in Phase 2 clinical development to treat Friedreich’s ataxia (‘FA’). Following the announcement of positive data from the MOXIe Part 2 study of omaveloxolone for FA in October 2019, the Company represented that it would seek submission for marketing approval of omaveloxolone for the treatment of FA in the [United States] with the U.S. Food and Drug Administration (‘FDA’).”
Throughout the Class Period, the Reata Defendants, allegedly, made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. The Reata Defendants, according to the complaint, 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 United States 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 Reata’s public statements were materially false and misleading at all relevant times.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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