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Aurinia Pharmaceuticals Inc. Class Action Lawsuit - AUPH

Company Name
Aurinia Pharmaceuticals Inc.
Stock Symbol
AUPH
Class Period
May 7, 2021 to February 25, 2022
Motion Deadline
June 14, 2022
Court
Eastern District of New York
26 days left to seek lead plaintiff status

Case Summary

The Aurinia class action lawsuit seeks to represent purchasers of Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) securities between May 7, 2021 and February 25, 2022 inclusive (the “Class Period”).  Commenced on April 15, 2022, the Aurinia class action lawsuit – captioned Ortmann v. Aurinia Pharmaceuticals Inc., No. 22-cv-02185 (E.D.N.Y.) – charges Aurinia and certain of its top executive officers with violations of the Securities Exchange Act of 1934.

If you suffered significant losses and wish to serve as lead plaintiff of the Aurinia class action lawsuit, please provide your information by clicking here.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Aurinia class action lawsuit must be filed with the court no later than June 14, 2022.

CASE ALLEGATIONS: Aurinia is a biopharmaceutical company that develops and commercializes therapies to treat various diseases with unmet medical need in Japan and China.  Aurinia’s only product is LUPKYNIS, which it offers for the treatment of adult patients with active lupus nephritis.

The Aurinia class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Aurinia was experiencing declining revenues; (ii) Aurinia’s 2022 sales outlook for LUPKYNIS would fall well short of expectations; (iii) accordingly, Aurinia had significantly overstated LUPKYNIS’ commercial prospects; (iv) as a result, Aurinia had overstated its financial position and/or prospects for 2022; and (v) thus, Aurinia’s public statements were materially false and misleading at all relevant times.

On February 28, 2022, Aurinia issued a press release announcing its financial results for the quarter and full year ended December 31, 2021.  Among other items, Aurinia reported a year-over-year revenue decline and announced a lower-than-expected sales outlook for 2022.  On this news, Aurinia’s common share price fell by more than 24%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Aurinia securities during the Class Period to seek appointment as lead plaintiff in the Aurinia class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Aurinia class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Aurinia class action lawsuit.  An investor’s ability to share in any potential future recovery of the Aurinia class action lawsuit is not dependent upon serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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