NEW YORK, April 23, 2022 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Aurinia Pharmaceuticals Inc. (“Aurinia” or the “Company”) (NASDAQ: AUPH) and certain of its officers. The class action, filed in United States District Court for the Eastern District of New Yorkand registered under 22-cv-02185, is in the name of a class consisting of all persons and entities other than the defendants who purchased or otherwise acquired Aurinia securities between May 7, 2021 and February 25, 2022both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of federal securities laws and to pursue remedies under Sections 10(b) and 20(a). ) of the Securities Exchange Act of 1934 (the “Exchange Act”) and rule 10b-5 promulgated thereunder, against the Company and certain of its principal officers.
If you are a shareholder who purchased or otherwise acquired Aurinia securities during the Class Period, you have until June 14, 2022 ask the court to name you as the lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby to [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those applying by email are encouraged to include their mailing address, phone number and number of shares purchased.
[Click here for information about joining the class action]
Aurinia is a biopharmaceutical company that develops and commercializes therapies to treat various diseases with unmet medical needs 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, the 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: (i) Aurinia was experiencing a decline in revenue; (ii) Aurinia’s sales prospects for LUPKYNIS in 2022 would be well below expectations; (iii) as a result, the Company had grossly overestimated LUPKYNIS’ business prospects; (iv) as a result, the Company had exaggerated its financial situation and/or its outlook for 2022; and (v) as a result, the Company’s public statements were materially false and misleading at all material times.
On February 28, 2022Aurinia issued a press release announcing its financial results for the quarter and year ended the 31st of December2021. Among other items, Aurinia reported lower year-over-year revenue and announced a weaker-than-expected sales outlook for 2022.
At this news, Aurinia’s common stock price plummeted. $3.94 per share, or 24.26%, to close at $12.30 per share on February 28, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Parisand Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP