NEW YORK, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT), Super Micro, Inc. (NASDAQ: SMCI), and Fate Therapeutics, Inc. (NASDAQ: FATE). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT)
On August 2, 2022, before market hours, Phathom issued a press release entitled “Phathom Pharmaceuticals Reports Second Quarter 2022 Financial Results and Provides Business Updates” which announced that “we detected trace levels of a nitrosamine in vonoprazan drug product in our post-approval testing as we prepared for commercial launch.” Further, the press release announced that “[t]he Company is working with the FDA and plans to obtain approval of and implement an additional test method, specification, including a proposed acceptable intake limit, and additional controls to address this impurity prior to releasing our first vonoprazan-based products to the market.” Finally, the Company announced that “[t]hese additional activities will result in a delay of the planned VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK product launches.”
On this news, Phathom’s stock price fell $2.61 per share, or 28%, to close at $6.46 per share on August 2, 2022.
For more information on the Phathom investigation go to: https://bespc.com/cases/PHAT
Super Micro, Inc. (NASDAQ: SMCI)
On January 10, 2023, market analyst Spruce Point Capital released a report about Super Micro indicating, among other things, that Spruce Point Capital "has grave concerns about the accuracy of [Super Micro's] financial reporting and sustainability of its recent stock price performance."
On this news, the price of Super Micro stock dropped more than 9%.
For more information on the Super Micro investigation go to: https://bespc.com/cases/SMCI
Fate Therapeutics, Inc. (NASDAQ: FATE)
On January 5, 2023, Fate announced that it declined a proposal from Janssen Biotech, for the continuation of the collaboration and option agreement between the parties on revised terms. As a result, all collaboration activities are set to be wound down in Q1 2023. The Company further disclosed that it would prioritize its clinical programs and reduce its operating expenses, through layoffs and the discontinuation of some clinical programs. In the announcement, Fate CEO stated, "We are disappointed that we were not able to align with Janssen on their proposal for continuation of our collaboration, where two product candidates targeting high-value, clinically-validated hematology antigens were set to enter clinical development in 2023.”
Following this news, Fate's share price plummeted over 50% in pre-market trading on January 6, 2023.
For more information on the Fate investigation go to: https://bespc.com/cases/FATE
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
