NEW YORK, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Fate Therapeutics, Inc. (NASDAQ: FATE) on behalf of long-term stockholders following a class action complaint that was filed against Fate on January 20, 2023 with a Class Period from April 2, 2020 to January 5, 2023. Our investigation concerns whether the board of directors of Fate have breached their fiduciary duties to the company.
On April 2, 2020, the Company announced its entry into a global collaboration and option agreement with Janssen Biotech, Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson, for cell-based cancer immunotherapies, under which Fate received a $50 million upfront payment and was eligible for up to $3 billion in various milestone payments and double-digit royalties on any net sales from the collaboration. Then, on January 5, 2023, the Company disclosed that it had terminated the Janssen Agreement and that all licenses and other rights granted pursuant to the Agreement would terminate, that it would reduce its headcount to about 220 employees in Q1 2023, and that it would discontinue several of its natural cell killer programs in various cancers.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains pending.
If you are a long-term stockholder of Fate, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at email@example.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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