Fate Therapeutics, Inc. - Lowey Dannenberg -Class Action Lawsuit

Fate Therapeutics, Inc.

Ticker: FATE

Class Period Start: 04/20/2020

Class Period End: 01/05/2023

Registration Deadline: 03/22/2023

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A securities class action has been filed in the USDC – S.D.CA. against Fate Therapeutics, Inc. (FATE) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Fate securities between April 2, 2020 through January 5, 2023.

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:

the Janssen Collaboration Agreement was less sustainable than Fate had represented to investors;
accordingly, certain the clinical programs, milestone payments, and royalty payments associated with the Janssen Collaboration Agreement could not be relied upon as future revenue sources;
as a result, Fate had overstated the impact of the Janssen Collaboration Agreement’s on Fate’s long-term clinical and commercial profitability; and
as a result, the Company’s public statements were materially false and misleading at all relevant times.

On January 5, 2023, after the market closed, Fate issued a press release announcing that it had terminated the Collaboration Agreement for cell-based cancer immunotherapies with Johnson & Johnson’s Janssen, and that all collaboration activities would be wound down in the first quarter of 2023.

On this news, Fate’s stock price fell $6.76, or 61.5%, to close at $4.24 per share on January 6, 2023, thereby injuring investors.

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