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New York, New York--(Newsfile Corp. - April 3, 2020) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Gossamer Bio, Inc. (NASDAQ: GOSS) ("Gossamer" or the "Company") of the June 2, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Gossamer stock or options between February 8, 2019 and December 13, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/GOSS. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
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FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of all those who purchased Gossamer common stock between February 8, 2019 and December 13, 2020 (the "Class Period"). The case, Kuhne v. Gossamer Bio, Inc. et al, No. 20-cv-00649 was filed on April 3, 2020, and has been assigned to Judge Dana M. Sabraw.
In the materials accompanying the IPO and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and compliance policies. Specifically, Defendants misrepresented and/or failed to disclose to investors: (1) the reasons for Gossamer's GB001 trial failures; (2) the purported clinical validation of Novartis'oral DP2 antagonist; and (3) as a result of the foregoing, Defendants' public statements were materially false and misleading at all relevant times.
In October 2019, Novartis announced that its fevipiprant product had failed to improve lung function in two Phase 3 trials, as measured by FEV1, over placebo. Then, on December 16, 2019, Novartis announced that it was terminating the development of its DP2 antagonist fevipiprant for asthma after it failed another pair of Phase 3 clinical trials. Analysts noted that, "[f]or Gossamer, detailed data from fevipiprant would likely weigh heavily on GB001, its lead drug in the same class."
On this news, Gossamer's share price fell from $25.37 per share on December 13, 2019 to a closing price of $15.96 on December 16, 2019: a $9.41 or a 37.10% drop.