Aurinia Pharmaceuticals Inc. Misstated the Financial Impact of its Drug LUPKYNIS
A shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) securities between May 7, 2021 and February 26, 2022, for violations of the Securities Exchange Act of 1934. Aurinia is a biopharmaceutical company that develops and commercializes therapies to treat 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.
According to the complaint, throughout the class period, defendants failed to disclose that Aurinia was experiencing declining revenues and that the 2022 sales outlook for LUPKYNIS would fall short of expectations.
On February 28, 2022, Aurinia announced its financial results for the full quarter and full year ended December 31, 2021, including a year-over-year revenue decline and lower than expected sales outlook for 2022. On this news, Aurinia’s stock fell $3.94 per share, or 24.26%, to close at $12.30 per share on February 28, 2022.
Next Steps: If you acquired shares of Aurinia Pharmaceuticals Inc. (AUPH) between May 7, 2021 and February 26, 2022, you have until June 14, 2022, to ask the court to appoint you lead plaintiff for the class. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.