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BioMarin Pharmaceuticals Inc.
Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of BioMarin Pharmaceuticals Inc., (“BioMarin” or the “Company”) (NASDAQ: BMRN) between February 28, 2020 and August 18, 2020 (the “Class Period”).
If you purchased BioMarin securities and would like to discuss your legal rights and/or options please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of BioMarin Pharmaceuticals Inc., (“BioMarin” or the “Company”) (NASDAQ: BMRN) between February 28, 2020 and August 18, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:(i) differences between the Phase 1/2 and Phase 3 study of valoctocogene roxaparvovec limited the reliability of the Phase 1/2 study to support valoctocogene roxaparvovec’s durability of effect; (ii) as a result, it was foreseeable that the FDA would not approve the Biologics License Application (“BLA”) for valoctocogene roxaparvovec without additional data; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On August 19, 2020, BioMarin announced receipt of a Complete Response Letter (“CRL”) from the FDA to the Company’s BLA for valoctocogene roxaparvovec. BioMarin advised investors that in the CRL, “the FDA introduced a new recommendation for two years of data from the Company’s ongoing 270-301 study (Phase 3) to provide substantial evidence of a durable effect using Annualized Bleeding Rate (ABR) as the primary endpoint” and “recommended that the Company complete the Phase 3 Study and submit two-year follow-up safety and efficacy data on all study participants.” In explaining the new recommendation, the “FDA concluded that the differences between Study 270-201 (Phase 1/2) and the Phase 3 study limited its ability to rely on the Phase 1/2 study to support the durability of effect.”
On this news, BioMarin’s stock price fell $41.82 per share, or 35.28%, to close at $76.72 per share on August 19, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than November 24, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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