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AURINIA PHARMACEUTICALS INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York against Aurinia Pharmaceuticals Inc.
News provided byWolf Haldenstein Adler Freeman & Herz LLP
May 13, 2022, 4:52 AM ET
LEAD PLAINTIFF DEADLINE IS JUNE 14, 2022
NEW YORK, May 13, 2022 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a federal securities class action lawsuit has been filed against Aurinia Pharmaceuticals Inc. ("Aurinia" or the "Company") (NASDAQ: AUPH) in the United States District Court for the Eastern District of New York on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Aurinia securities between May 7, 2021 and February 25, 2022, both dates inclusive (the "Class Period").
All investors who purchased the shares of Aurinia Pharmaceuticals Inc. and incurred losses are advised to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in Aurinia Pharmaceuticals Inc., you may, no later than June 14, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Aurinia Pharmaceuticals Inc.
Aurinia is a biopharmaceutical company that develops and commercializes therapies to treat various diseases with unmet medical need in Japan and the People's Republic of China. The Company's only product is LUPKYNIS, which it offers for the treatment of adult patients with active lupus nephritis.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
- Aurinia was experiencing declining revenues;
- Aurinia's 2022 sales outlook for LUPKYNIS would fall well short of expectations;
- accordingly, the Company had significantly overstated LUPKYNIS's commercial prospects;
- as a result, the Company had overstated its financial position and/or prospects for 2022; and
- as a result, the Company's public statements were materially false and misleading at all relevant times.
On February 28, 2022, Aurinia issued a press release announcing its financial results for the quarter and full year ended December 31, 2021. Among other items, Aurinia reported a year-over-year revenue decline and announced a lower-than-expected sales outlook for 2022.
On this news, Aurinia's common share price fell $3.94 per share, or 24.26%, to close at $12.30 per share on February 28, 2022.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: email@example.com, firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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