LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Genfit S.A. (“Genfit” or the “Company”) (NASDAQ: GNFT) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Genfit investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/genfit-sa/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
Genfit is a biopharmaceutical company that develops therapeutic and diagnostic solutions for metabolic, inflammatory, and autoimmune or fibrotic diseases affecting primarily the liver and gastro-enterology.
In March 2019, the Company completed its initial public offering (“IPO”), in which it sold 6,150,000 ordinary shares in the form of American Depositary Shares (“ADSs” or “shares”) in the U.S. and Europe for $20.32 per ADS.
On February 20, 2020, after the market closed, Genfit announced in a press release a delay in the release of topline interim results from the RESOLVE-IT study. The Company stated, among other things, that the delay was “to incorporate the latest FDA insights expected by the end of March” and that “[t]his decision has been taken to ensure that the latest thinking in the NASH field is properly captured so the Company can optimize elafibranor’s NDA dossier at the time of submission.”
On this news, Genfit’s share price fell $1.05, or nearly 6%, over two consecutive trading sessions to close at $16.85 per share on February 24, 2020, thereby injuring investors.
On May 11, 2020, after the market closed, Genfit announced results from an interim analysis of the RESOLVE-IT Phase 3 study of elafibranor, including that “[e]lafibranor did not demonstrate a statistically significant effect on the primary endpoint of NASH resolution without worsening of fibrosis.”
On this news, Genfit’s share price fell $14.90, or approximately 68%, to close at $7.10 per share on May 12, 2020, thereby injuring investors.
Whistleblower Notice: Persons with non-public information regarding Genfit should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email email@example.com.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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