PHILADELPHIA, June 13, 2024 /PRNewswire/ -- Kaskela Law LLC announces that it is investigating Fate Therapeutics, Inc. (NASDAQ: FATE) ("Fate") on behalf of the company's long-term investors.
Recently an amended securities fraud complaint was filed against Fate on behalf of certain investors who purchased shares of the company's stock between August 5, 2020 and January 5, 2023. According to the complaint, during that time period Fate and certain of the company's senior executive officers issued a series of materially false and misleading statements to investors concerning the company's Collaboration Agreement and strategic partnership with Janssen Pharmaceuticals.
As further detailed in the complaint, on January 5, 2023, Fate disclosed that the Collaboration Agreement had been terminated, and that all collaboration activities would be wound down during that quarter. The following day, FierceBiotech reported the termination as "a big reset" of Fate's business and a "retreat" from the company's efforts to develop cell therapies in indications including myeloid leukemia, B-cell lymphoma, and solid tumors. Following this news, shares of Fate's stock fell $6.76 per share, or over 61% in value, to close on January 6, 2023 at $4.24 per share, on unusually heavy trading volume.
The investigation seeks to determine whether the members of Fate's board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct and disclosures.
Current Fate shareholders who purchased or acquired shares of FATE stock prior to January 5, 2023 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750 for additional information about this investigation and their legal rights and options, or by clicking on the following link (or if necessary, by copying and pasting the link into your browser):
https://kaskelalaw.com/case/fate-therapeutics/
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
(skaskela@kaskelalaw.com)
Adrienne Bell, Esq.
(abell@kaskelalaw.com)
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
This notice may constitute attorney advertising in certain jurisdictions.
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SOURCE Kaskela Law LLC
