Palo Alto – October 2, 2024 – Cooley successfully secured the complete dismissal of a derivative action for FibroGen – a biopharmaceutical company that discovers and develops medicines for the treatment of anemia, cancer and fibrotic disease – as well as certain officers and directors. Lawyers Patrick Gibbs, Tijana Brien, Brett De Jarnette, Amie Simmons, Kimberley Scimeca, and Madeleine McNally led the Cooley team.
The complaint alleged that FibroGen’s directors and officers breached their fiduciary duties by allowing the dissemination of allegedly false or misleading statements about the company’s drug, Roxadustat. The lawsuit was based on the same underlying allegations as a securities class action that settled last year.
Vice Chancellor Sam Glasscock III granted the motion to dismiss because the plaintiffs failed to establish standing to sue on behalf of FibroGen and failed to plead that a majority of the board could not have impartially considered a litigation demand.
The case is In re FibroGen Inc. Derivative Litigation, C.A. No. 2022-0331-SG (Del. Ch.).
Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation, where innovation meets the law.
Cooley has 1,300+ lawyers across 19 offices in the United States, Asia and Europe, and a total workforce of more than 3,000.
This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as “Cooley”). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. This content may be considered Attorney Advertising and is subject to our legal notices.