SAN DIEGO, April 23, 2022 /PRNewswire/ — The law firm of Robbins Geller Rudmann & Dowd LLP announces that purchasers or acquirers of securities of Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) between May 7, 2021 and February 25, 2022the two dates included (the “Class Period”) have until June 14, 2022 to seek appointment as lead applicant in Ortmann v. Aurinia Pharmaceuticals Inc., no. 22-cv-02185 (EDNY). Started on April 15, 2022the Aurinia The class action accuses Aurinia and some of its top executives of violating the Securities Exchange Act of 1934.
If you have suffered significant losses and wish to act as the lead plaintiff of the Aurinia class action, please provide your information by clicking here. You can also contact a lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing [email protected]. Principal Applicant’s Requests for Aurinia class action must be filed with the court no later than June 14, 2022.
CASE ALLEGATIONS: Aurinia is a biopharmaceutical company that develops and commercializes therapies to treat various diseases with an unmet medical need in Japan and China. Aurinia’s only product is LUPKYNIS, which it offers for the treatment of adult patients with active lupus nephritis.
the Aurinia The class action alleges that, throughout the Class Period, the defendants made false and misleading statements and failed to disclose that: (i) Aurinia was experiencing a decline in income; (ii) Aurinia’s sales prospects for LUPKYNIS in 2022 would be well below expectations; (iii) as a result, Aurinia had significantly overestimated the business prospects of LUPKYNIS; (iv) as a result, Aurinia had exaggerated its financial condition and/or its outlook for 2022; and (v) therefore, Aurinia’s public statements were materially false and misleading at all relevant times.
On February 28, 2022Aurinia issued a press release announcing its financial results for the quarter and year ended December 31, 2021. Among other things, Aurinia reported lower year-over-year revenue and announced a lower-than-expected sales outlook for 2022. On this news, Aurinia’s common stock price fell more than 24%, which hurt investors.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Aurinia securities during the Class Period to seek appointment as lead plaintiff in the Aurinia class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the Aurinia class action. The main plaintiff can select a law firm of his choice to plead Aurinia class action. An investor’s ability to participate in any potential future upturn in the Aurinia the class action does not depend on the status of principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked #1 in the 2021 ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other company from the plaintiffs. With 200 attorneys in 9 offices, Robbins Geller attorneys have secured many of the largest securities class action recoveries in history, including the largest securities class action recoveries ever – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit http://www.rgrdlaw.com for more information.
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Robbins Geller Rudmann & Dowd LLP
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JC Sanchez, 800-449-4900
SOURCE Robbins Geller Rudman & Dowd LLP